Phase 2 approved for Small Business Emergency Assistance Grant Program

Today the NJEDA Board approved Phase 2 of the Small Business Emergency Assistance Grant Program. Using $50 million in funding from the federal Coronavirus Relief Fund, this expanded program will provide grants up to $10,000 to a significantly broader array of businesses than were eligible during Phase 1, including home-based businesses and sole proprietorships. To ensure funding goes to businesses and communities that need it most, $15 million of Phase 2 funding will be set aside to support qualified businesses located in census tracts that were eligible to selected as Opportunity Zones.

Applications for these grants will be available soon in both English and Spanish. There will be no application fee and the NJEDA will evaluate applications on a simple first come, first served basis.

More information about these grants and New Jersey’s COVID-19 response is available at http://www.njeda.com/covidgrantprogramexpansion.

You can read the entire release from the NJEDA that was sent out earlier this afternoon here.