Launch Date for $85 Million Phase 4 of NJ’s Small Business Emergency Grant Program Announced
TRENTON, NJ – The New Jersey Economic Development Authority (NJEDA) has announced the fourth phase of the authority’s Small Business Emergency Assistance Program, which raises $ 85 million from the Corona Virus Assistance, Relief and Economic Protection (CARES) Act. It will provide short-term operational support to a wide range of small and medium-sized businesses and non-profit companies that have been adversely affected by the declared emergency. Additional information is available here.
Interested business owners will have to register here in advance to receive the application. Pre-registration will start at 9:00 AM on Monday 19 April and will close at 5:00 PM on 29 April 2021. The application is described below with a variable approach until the end of the initial registration period. Applicants must complete applications to be considered for grant money.
Phase 4 funds will be allocated to support the businesses most affected, including restaurants, micro businesses, childcare and other small businesses. In particular, grants will be targeted to reach businesses in severely affected communities, including communities of color.
“The economic impact of the epidemic in New Jersey is still being felt a year after its inception, and it has affected women and minority-owned businesses proportionately. The $ 85 million additional financial aid grant program of the Small Business Emergency Phase 4 focuses on. NZEDA Chief Executive Tim Sullivan said, will strengthen the operations of these businesses and reduce potential redundancy or redundancy. It will help directly and quickly. Still struggling businesses can’t wait to help. . “
The grant scheme was developed to provide funds as soon as possible to companies in need of salaries and working capital assistance as a result of the adverse economic impact after March 9, 2020, the state of emergency and the state declared health emergency. . Since the inception of the first phase of the scheme on April 6, 2020, the Commission has approved approximately 44,000 grant applications representing over 4 214 million of the total grant funds provided through Phase I – 3. each. Extended merit and award value in stage. .
Phase 4 funds are intended to compensate for lost revenue due to epidemic disruptions between March 1, 2020 and the date of the grant agreement, providing the necessary resources for any eligible business. To reduce the number of hours, at least 20 percent of the revenue is lost, material workers who could not work due to the explosion, or a supply chain is disrupted and production is at a steady level during an epidemic is.
Phase 4 again increases the amount of money available to businesses. The grant is calculated based on the number of occupational full-time full-time employees (FTE). Micro business with up to five or fewer Anglo and sole proprietors receive up to $ 10,000; Businesses with six to 25 CCDs will receive up to $ 15,000; And with 26 to 50 oz, the business will receive up to $ 20,000. Manual size appraiser is available here.
To increase the realization of businesses in Phase 4 financing, the grant awards will be based on the most Engage since the WR-30 filed business in the last eight quarters. Businesses should use the funds from the grant program to repay lost revenue as a result of business disruptions resulting from the epidemic. Businesses cannot use the money for capital expenditure.
5,000 85,000,000 of the funds available through Phase 4 will be allocated as follows:
Restaurants: $ 35 million funding to support businesses classified as “food services and drinking water areas” under NAICS Code 722, epidemics these businesses, the location of food caps and the extraordinary changing their businesses Given the unique impact of costs. Model for safe operation.
Child Care Providers: Funding of 10 million to support businesses classified as “child care services” under NAICS code 624410, given the proportional impact these businesses have on the epidemic, capacity numbers and models for safe operation But Cap, for modifying their business, including exceptionally prodding them.
Micro-business: WR-30 filings over the last eight quarters (including businesses without Angel), with a turnover of 5 or less 25 million million, are typically financially vulnerable to the micro-business epidemic, typically But there are less safe Indian reserves.
Other small businesses (6-50 FTE): The remaining 15 million will support non-qualified businesses under the micro-business category.
Applications will be available on a rolling basis after the initial registration period (April 19, 2021, 9:00 to 29 April 2021, 5:00 pm). Pre-registered applicants have to return
Businesses that have not applied for or been approved for Phase 3 funding – May 3, 2021 at 9:00 pm.
Restaurant & Babysitting – 9:00 am, May 5, 2021
Micro Business (Five or less CCDs) – 10 May 2021 at 9:00 am
On the morning of May 12, 2021, all small businesses except restaurants, micro businesses and babysitting-9:00
Applications for each category will be open for a period of one week and will be accepted on a first-come, first-served basis based on the date and time of receipt of the completed application.