The coronavirus pandemic sent small businesses reeling, with many projected never to reopen even when the health care crisis abates. Businesses in New Jersey are no exception to the damage that has been dealt. One small indicator of that fact is that since March the New Jersey Economic Development Authority has supported 10,624 such businesses through grants, low-cost loans, partnerships with investors and other financial institutions.
The EDA announced Monday that it has provided more than $44.2 million toward those programs and “will continue to process applications for the existing COVID-19 relief programs and awarding funding as appropriate.” In an accompanying statement, Gov. Phil Murphy said, “These programs have provided a vital lifeline to many small businesses as we navigate how to safely restart our economy while continuing to prioritize public health … We continue to be fully committed to helping businesses weather this crisis.”