Small businesses in a few dozen New Jersey towns can apply to receive up to $10,000 in federal funding to help pay their rent under the new Small Business Lease-Emergency Assistance Grant Program.
The program will be managed by the New Jersey Redevelopment Authority and will disburse $6 million in federal CARES Act funding to small businesses that qualify in 64 of the Garden State’s 565 municipalities. This is a grant and not a loan, meaning those who receive it won’t have to repay it or apply for any kind of forgiveness.
The grants will be available to tenants that lease commercial space in mixed-use buildings, tenants leasing space in commercial buildings, and tenants leasing space to operate a storefront business. Businesses with 5,000 square feet of leased space or less are eligible. Applications open on Monday, August 10th at 9am and funds will be dispersed on a first-come, first-serve basis. Applicants are strongly encouraged to review the sample application in order to adequately prepare. Interest in this grant is expected to be extremely high.
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.