Under Phase 3 of the New Jersey Economic Development Authority’s Small Business Emergency Assistance Grant Program, there will be an additional $60 million — at least — available, Gov. Phil Murphy announced Wednesday. The money, funded by the Coronavirus, Aid, Relief, and Economic Security (CARES) Act is in addition to $70 million in federal funds already allocated. Without the supplemental funding, according to a press release from the governor’s office, about 13,000 of the nearly 22,000 businesses that applied for Phase 3 grants would have been declined based on the program being oversubscribed.
More than 22,000 small businesses have been approved for grants worth almost $65 million through Phases 1 and 2 of the grant program. The average grant award has been $3,000, indicating that the average approved business has three full-time-equivalent employees.
For Phase 3 of the program, any business or nonprofit in New Jersey, including home-based businesses, with 50 or fewer full-time-equivalent employees is eligible, including businesses that received funding in previous phases. Phase 3 sets aside funding for restaurants, micro-businesses, and businesses based in the state’s 715 Opportunity Zone-eligible census tracts.
In addition to the Small Business Emergency Assistance Grant Program, the EDA administers a variety of technical assistance and low-cost financing programs for small and mid-sized businesses impacted by COVID-19. More information about these programs and other state support is available at https://covid19.nj.gov.