Business Report: Grants and loans for flood-damaged businesses, record US job openings

Starting Sept. 17, small businesses damaged in Ida flooding can apply for grant aid

Small businesses that were damaged during last week’s historic flooding may get financial relief soon. At a special New Jersey Economic Development Authority board meeting earlier Wednesday, the EDA formally signed off on a $10.5 million grant program announced last week. Online applications will be accepted starting Sept. 17. Eligible businesses will be able to apply for funding to cover their August rent or mortgage payment. Grants will range from $1,000 to $5,000. The EDA hopes to get the money out to businesses later this month.

Meantime, the Small Business Administration is making up to $2 million available in low-interest loans to storm-damaged small businesses and nonprofits located in the six counties that were named in President Biden’s emergency declaration. Businesses located outside of the emergency declaration area can apply for help through another federal relief program, known as the SBA Economic Injury Disaster Loan program.

A record 10.9 million jobs were open and unfilled this summer in the U.S., far more available jobs than there were unemployed people to fill them. The Labor Department’s newly released Job Openings and Labor Turnover Survey also showed a steady number of people simply quitting their jobs. John Challenger, president of the global outplacement firm Challenger Gray and Christmas explains why.

We’re in this together
For a better-informed future. Support our nonprofit newsroom.
Donate to NJ Spotlight