[Updated June 5, 2020.] The NJEDA Has Announced Phase 2 of The Small Business Emergency Assistance Grant Program
The New Jersey Economic Development Authority (NJEDA) has announced a second wave of small business funding. The second round provides increased flexibility in the businesses that can apply. The $50 million grant will be funded federally through the CARES Act to provide relief to New Jersey businesses affected by the COVID-19 pandemic.
The second phase of funding for the NJEDA grant now allows both sole proprietorships and home-based businesses to be eligible. Also, 501(c)(3), 501(c)(4), 501(c)(6), and 501(c)(7) non-profit organizations are now eligible.
The first $5 million will go to businesses on the waitlist from phase one. This leaves $45 million for new applicants, of which $15 million is set aside for businesses in Opportunity Zone-eligible census tracts.
Some other important information to know about the funding include:
Sample application forms and requirements are available here. The applications will go live on Tuesday, June 9, 2020, at 9:00AM. Applications will be reviewed on a first-come, first-served basis.
The Non-Profit Development Center of Southern New Jersey is offering grants to help non-profit organizations in need of assistance. The organization is contributing three, one-time $500 grants to eligible Southern New Jersey non-profit organizations.
Please contact your Alloy Silverstein accountant and advisor if you have any questions or concerns. You may also email solutions@alloysilverstein.com.
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