Last week, Gov. Phil Murphy signed six bills—A5704, A5705, A5706, A5707, A5708, and A5709—that provide additional aid to small businesses that continue to suffer from the economic effects of the pandemic. Together, the bill package provides $235 million to small businesses throughout the state, allowing the New Jersey Economic Development Authority (NJEDA) to fulfill all eligible applications submitted during Phase IV of the EDA’s Small Business Emergency Grant Program.
“Throughout the past year, we have focused our relief efforts on supporting New Jersey’s small businesses so they can emerge from the pandemic stronger than before,” said Murphy. “This additional funding will help us add to the more than 60,000 small businesses that have received aid to date.”
“As we head into the summer, it’s encouraging to see more people out and about, but recovery from the severe economic impact of the pandemic won’t happen overnight,” said NJEDA CEO Tim Sullivan. “It’s clear that businesses are still hurting, and we are grateful for the continued support of Governor Murphy and the legislature, as it will help us to bolster these businesses as they ride out what’s hopefully the end of a very turbulent time.”
“Small businesses are the backbone of New Jersey’s economy and assisting them as we reopen our state is paramount, the Assembly sponsors said in a joint statement. “We need to bolster our small business community in every way possible. Giving them the resources they need to survive and thrive is a win-win. As New Jersey returns to normalcy, we must ensure that everyone is well-positioned for our inevitable recovery.”
The funding will be administered by the NJEDA, which has reopened its Phase IV grant pre-application for those businesses that missed the original deadline. To date, the EDA has distributed more than $420 million in aid to some 63,000 businesses across the state. The breakdown of the $235 million in proposed today’s bill package is as follows:
• Microbusinesses: $120 million
• Bars and Restaurants: $20 million
• Child Care Facilities: $10 million
• Other Small Businesses and non-profits: $50 million
• New Businesses and Start-Ups: $25 million
• Sustain and Serve: $10 million
