June 04 2021 0Comment

What State financial assistance programs are available for my business?

Source: business.nj.gov/

New Jersey State Emergency COVID-19 Relief Programs

See each program page for details on programs administered by the New Jersey Economic Development Authority (NJEDA), the New Jersey Redevelopment Authority (NJRA), the New Jersey Department of Community Affairs (NJDCA), the New Jersey Housing and Mortgage Finance Agency (NJHMFA), and the New Jersey Department of Environmental Protection (NJDEP).

Please click on each program below for more information.

Programs Coming Soon:

NJ Economic Recovery Act 2020 – A package of tax incentive, financing, and grant programs that will address the ongoing economic impacts of the COVID-19 pandemic and build a stronger, fairer New Jersey economy. The New Jersey Economic Development Authority (NJEDA) is asking businesses for feedback to inform the design of these programs. Share your feedback, and improve the structure of these state-led business programs at https://www.njeda.com/economicrecoveryact

$15 Million in Economic Relief for Arts and Cultural Venues – In April 2021 the State enacted law S-3521, which provides $15 million in federal COVID-19 relief aid for arts and cultural venues throughout New Jersey. The bill is part of a five-bill, $100 million relief effort aimed at helping New Jersey’s small businesses recover from the year-long pandemic. The relief aid will be administered by both the New Jersey Economic Development Authority and the New Jersey State Council on the Arts. Applications for this relief funding are not yet open.

Programs Currently Open:

NJEDA Small Business Emergency Assistance Grant (Phase 4) – Phase 4 of the NJEDA’s Small Business Emergency Assistance Grant Program provides grants up to $20,000 to small- and medium- sized businesses and non-profits that have been negatively impacted by the COVID-19 pandemic. Pre-registration for Phase 4 reopened at9:00 a.m. on Wednesday, May 26, 2021 and will remain open until 5:00 p.m. on Wednesday, June 30, 2021. Business must pre-register to be eligible for grants.

COVID-19 Emergency Rental Assistance Program Phase II – The COVID-19 Emergency Rental Assistance Program Phase II will provide approximately $353 million in rental assistance to low- and moderate-income households that have had a substantial reduction in income or incurred significant costs as a result of the pandemic, including those who are homeless or at risk of homelessness. Households may be eligible for up to 12 months of rental assistance to help pay for rent arrears incurred after March 13, 2020, and future rent to the extent that funds are available. The application period will remain open until the $353 million has been awarded. Landlords may apply on behalf of tenants, with the tenant’s permission. Participants will be selected on a rolling basis from the overall pool of applicants through a randomized process based on eligibility and lottery criteria. Additional information about the program, available in multiple languages, can be found online at on the DCA website. To apply visit: https://njdca.onlinepha.com.

NJEDA Community Development Financial Institution (CDFI) Emergency Loan Loss Reserve Fund – A capital reserve fund to take a first loss position on CDFI loans that provide low interest working capital to micro businesses. This allows CDFIs to withstand loan defaults due to COVID-19, which allows them to provide more loans at lower interest rates to microbusinesses affected by the pandemic. Only New Jersey-based CDFIs are eligible for this program.

Traditional NJEDA Programs

In addition to the programs listed on this page, the NJEDA encourages businesses to explore the Authority’s business support programs that are not specific to addressing the COVID-19 pandemic. More details about these programs can be found on the NJEDA’s website at www.njeda.com

Read more: https://business.nj.gov/covid/state-financial-assistance-programs