$10 million program expansion supports small businesses and nonprofits

The New Jersey Economic Development Authority (NJEDA) will open pre-registration for Phase 2 of the Small Business Emergency Assistance Loan Program on Wednesday, February 10, at 9 am. The $10 million program expansion will support New Jersey small businesses and nonprofits impacted by the COVID-19 pandemic and will be capitalized by a United States Economic Development Administration (USEDA) Coronavirus Aid, Relief, and Economic Security (CARES) Act appropriation. Any business or entity that intends to apply for a loan must first pre-register before the deadline on February 22nd at 5pm.

The second phase of the Small Business Emergency Assistant Loan Program will make up to $100,000 in low-cost financing available to eligible New Jersey small businesses and nonprofits to help with recovery and reopening efforts as a result of COVID-19. The funding can be used to pay rent or mortgage, payroll, and/or utilities. It can also be used to purchase inventory, personal protective equipment (PPE), or COVID-related inventory, furniture, fixtures, or equipment.

Eligible businesses can apply for $100k

Program applications will be reviewed on a first-come, first served basis, with priority given to applicants that have received no greater than $10,000 in government assistance from any federal, state, or local (county/municipal) assistance program.

Most eligible businesses will be able to apply for up to $100,000, but if a business was approved for a loan under Phase 1 of the Small Business Emergency Assistance Loan Program, it will be eligible under Phase 2 only for an amount that will not exceed $100,000 in the aggregate of the two phases. To promote equity, $3.5 million of the funding will be reserved for businesses in Opportunity Zone-eligible census tracts.

KRS professionals are available and happy to assist with loan and grant applications. Visit the KRS Coronavirus Resources Page for additional information. Please contact us if you have any questions, concerns, or need advisement during this unprecedented time.