New Jersey Small Business Emergency Assistance Grant Program
- On April 2, 2020
- NJ
On March 9, 2020, Governor Phil Murphy issued Executive Order 103, declaring a State of Emergency and a Public Health Emergency to ramp up New Jersey’s efforts to contain the spread of COVID-19. Subsequent containment measures were announced and are continuing to be announced, including restrictions on public gatherings and limited operating hours for non-essential businesses. While these measures are consistent with similar measures being taken nationally that are expected to limit the public’s exposure to COVID-19, there is already and will continue to be an adverse economic impact on the nation’s economy.
Within New Jersey, small businesses, and residents employed by these businesses, are facing economic challenges as businesses have difficulties meeting payroll obligations and supporting basic operating expenses that are expected to increase during a prolonged period of restricted operation or closing. Without a source of immediate relief, small businesses are being forced to furlough or lay off employees. Accordingly, the State of New Jersey is taking early action on a set of economic stability measures to provide short-term cash flow support to small businesses and increase overall business confidence, with the following objectives:
- Get funding into the market as soon as possible;
- Where possible, adjust existing New Jersey Economic Development Authority (NJEDA) programs to address crisis needs;
- Utilize multiple channels/partners to maximize marketing of programs and minimize processing capacity constraints;
- Leverage private, federal, and philanthropic capital where possible to scale impact; and
- Provide a suite of compatible offerings to help address varied marketplace needs (e.g., grants, no-cost loans, low-cost loans, loans through intermediaries, technical assistance).
The purpose of the Small Business Emergency Assistance Program is to provide short-term, immediate payroll and working capital support to New Jersey small and medium sized enterprises (businesses and non-profits) (SMEs), between one and 10 full-time employees (FTEs), facing prolonged operating restrictions or closure due to the COVID-19 outbreak, thereby helping to stabilize their operations and minimizing any potential furloughs and/or layoffs.
Here is a helpful Eligibility Wizard to help evaluate emergency assistance eligibility.
To read more about the Small Business Emergency Assistance Program, please click here.
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