Governor Murphy recently signed two bills establishing more grant funds for small businesses in New Jersey.
The first program puts $25 million towards grants for microbusinesses, meaning companies with five or fewer employees. This program is expected to follow previous programs and microbusinesses would be eligible for $1,000 per employee with a maximum of $5,000. Those details remain to be worked out.
The money will be distributed through the New Jersey Economic Development Authority (NJEDA), which is expected to approve the program at its next board meeting on April 14. The EDA hopes to launch the program by the end of the month.
The second program authorizes $15 million in grants to small businesses and nonprofits. This grant money will also be administered through the NJEDA. Eligibility, application process, and timeline for the program have not yet been announced. This program is independent from the previous one and it is unclear at this time if microbusiness will be eligible for both.
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