NJ Economic Development Authority (EDA) – Small Business Emergency Assistance Grants Program

NJ Economic Development Authority (EDA) – Small Business Emergency Assistance Grants Program

Deadline: The following is a breakdown of important dates related to this program

  • Rolling Application Deadline

Amount: The following is a breakdown of information related to program funding

  • $5,000,000 total funding
  • $5,000 maximum award
  • $1,000 minimum award

Eligible Applicants: The following entities are eligible to apply for funding through this program

  • Small Businesses
  • Non-profit 501(c)(3) Organizations

Please note: Applicants must have between 1–10 full time equivalent employees (“FTE”) and must be classified in one of the following industries to apply: Retail (NAICS codes starting with 42 or 43); Accommodation & Food Services (NAICS codes starting with 72); Arts, Entertainment & Recreation (NAICS codes starting with 71);Teaching (NAICS code 811); and Writing (NAICS code 812)). NAICS codes can be found here https://www.naics.com/search/. Applicants must have a physical commercial location in the State of New Jersey. Consideration for $3M of the $5M is being prioritized for businesses with 5 FTE or less.

Overview: Through the Small Business Emergency Assistance Grants Program, the NJ EDA supports small business and non-profits to preserve and maintain a workforce during the COVID-19 containment period that is as close to pre-outbreak levels as possible. Grant values are calculated at $1,000 per FTE, as reported on the business’ WR-30 filed with the NJ Department of Labor and Workforce Development. Funding is available for unrestricted payroll and working capital support. Funds cannot be used for any capital expenses, including construction. Applicant CEO’s must certify that their business:

  • Will make a best effort not to furlough or lay off any individuals from the time of application through six months after the end of the declared State of Emergency. Organizations that have already furloughed or laid off workers must make a best-effort pledge to re-hire those workers as soon as possible;
  • Has been negatively impacted by the COVID-19 declared State of Emergency (e.g. has been temporarily shut down, has been required to reduce hours, has had at least a 20% drop in revenue, has been materially impacted by employees who cannot work due to the outbreak, or has a supply chain that has materially been disrupted and therefore slowed firm-level production); and
  • Has a material financial need that cannot be overcome without the grant of emergency relief funds at this time.

Website: https://faq.business.nj.gov/en/articles/3835237-what-grants-are-available-for-small-and-medium-sized-businesses-via-the-njeda-small-business-emergency-assistance-grant