Gov. Phil Murphy announced late last week that an additional $15 million in Coronavirus Aid, Relief, and Economic Security (CARES) Act funding has been made available to New Jersey small businesses struggling with the pandemic. This funding is in addition to the $100 million the New Jersey Economic Development Authority (NJEDA) is currently administering through programs to COVID-19-impacted businesses.
“COVID-19 is first and foremost a health crisis, but also a severe economic crisis, and nowhere is that more evident than in the State’s small business community,” said Murphy. “Throughout this crisis, small business owners have worked incredibly hard to adapt and protect public health while supporting their employees and families. We are committed to ensuring New Jersey’s vibrant small business community weathers this storm and emerges stronger. The additional funding announced today will support businesses as they continue to adapt to the ‘new normal’ we are living with now and lay the groundwork for a speedy and complete recovery.”
The $15 million in CARES Act funds will bolster the NJEDA’s Small Business Emergency Assistance Grant Program, which provides grant funding for small businesses struggling with COVID-19-related challenges. Launched in early April with $10 million of NJEDA funds, the Program initially offered grants of up to $5,000 to a narrowly-targeted set of small businesses that included restaurants and in-person retail establishments.