Update as of May 26, 2021, Phase 4 of the NJEDA Grant Program will reopen with an additional $200 million to fulfill phase 4 grant applications. Small businesses and non-profits who did not pre-register back in April, when the program originally opened, may pre-register now until June 30, 2021. Applications will open for restaurants and small businesses on July 7, 2021 at 9am. Applications for micro-businesses will open on July 8, 2021 at 9am. Applications will remain open until July 15, 2021 at 5pm and will be processed on a first-come, first-served basis. The following information remains the same regarding grant allocation and calculation.
NJEDA Small Business Emergency Assistance Grant Program: Phase 4 $85 Million
The Small Business Emergency Assistance Grant Program is back for Phase 4 with $85 million in grant money. This funding will support small and medium sized businesses and non-profits throughout New Jersey that have been harshly affected by the yearlong pandemic. Eligible businesses also include child-care providers, restaurants, and micro-businesses. One third of this grant money will be exclusively for businesses in 715 opportunity zone eligible census tract areas. Through this grant program, businesses can receive up to $20,000 in funding.
In an effort to evenly distribute the funding between businesses that need it most, certain amounts will be allocated. Restaurants will receive $35 million of the total $85 million, $10 million will go toward child-care providers, $25 million will be allocated to micro-businesses, and the remaining $15 million will go to the other small businesses whose application is approved.
Grant calculation will be based on the number of full-time equivalent employees (FTEs) the business employs. A grant calculator is available here to see how much funding your business could potentially receive. Micro-businesses with 5 or fewer employees and sole proprietors can receive up to $10,000. Businesses with 6 to 25 FTEs can receive up to $15,000. Finally, businesses with 26-50 employees can receive the full amount of $20,000 in funding. Businesses must use given grant money for reimbursement of lost revenue throughout the pandemic. Capital expenses are not a valid use of the given grant money.
Pre-Registration will begin on Monday, April 19, 2021 at 9:00am through April 29, 2021 until 5:00pm. Businesses will need to pre-register here to access the application. The application must be entirely completed to be considered for the grant. Following the pre-registration period, applications will become available based on the following phase out schedule.
Applications for each group will be available for one week and will be accepted on a first-come, first-served basis. In reviewing applicants, keep in mind the NJEDA may look at all previous funding businesses have received from all sources.
Since Phase 1 of the Small Business Emergency Assistance Grant Program, the NJEDA has approved over $214 million in funding. Check out our previous articles about the NJEDA Small Business Emergency Assistance Grant Program:
https://alloysilverstein.com/nj-small-business-loan-window-opens-april-13/
https://alloysilverstein.com/njeda-announces-second-round-of-grant-funding/
As a reminder, information from the NJEDA is subject to change, please visit www.njeda.com for the most up-to-date information.
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