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Financial Relief Package for Small Businesses
Governor Phil Murphy has announced preliminary details of a proposed plan to provide grants to New Jersey small businesses impacted by severe weather caused by Tropical Storm Ida on Wednesday and early Thursday. The New Jersey Economic Development Authority (NJEDA) has been tasked with creating and administering the program, which will provide short-term, immediate rent/mortgage reimbursement support to New Jersey businesses and non-profits with up to 50 employees that suffered physical damage on September 1stand 2nd, 2021 and any additional flooding immediately thereafter.
Through the proposed $10 million grant program, small businesses and non-profit entities with up to 50 employees will be able to apply for grants of $1,000 to $5,000 dollars. Landlords and home-based businesses are not eligible for grant funding through this program. Under the preliminary plan, to be eligible, the applying entity must:
- Provide certification of an unmet need due to damage and/or business interruption
- Provide documentation of physical damage to the applicant’s physical commercial location
- Present a valid Employer Identification Number (EIN)
- Submit recent wage reporting form (WR30), if applicable
- Be registered to do business in the State of New Jersey
- Be in good standing with the Department of Taxation
- Additional requirements may apply
As proposed, grants will be provided in the form of reimbursement of August rent or mortgage ($1,000 min rent eligibility). To ensure grants reach businesses in the hardest hit communities, including communities of color, one-third of the $10 million in funding available through the program will be targeted to businesses with a primary business location within the 715 census tracts designated as eligible to be selected as an Opportunity Zone.
The parameters of the program are preliminary and are subject to change. The proposed program will be presented to the NJEDA’s Board for consideration of approval at a special meeting on Wednesday, September 8 at 10:00 a.m. If approved, the NJEDA expects to announce full details and the application timeline for the grant program following that meeting.
We will provide an update when the program is open for applications.