NEW JERSEY – Governor Phil Murphy Wednesday signed legislation (S-3982) providing additional aid to small businesses as New Jersey continues to provide support to small businesses as they recover from the pandemic.
The bill provides $135 million to small businesses throughout the state and will be administered by the Economic Development Authority as part of its Phase IV Emergency Grant Program and NJ Community Stage Relief Grant Program.
“As small businesses throughout New Jersey continue to struggle from the economic aftermath of COVID-19, we remain committed to providing them with the resources they need to recover,” Murphy said. “Together with our partners at the federal level, the EDA and other departments have provided more than three quarters of a billion dollars to our small business community as we emerge from the pandemic stronger and more resilient.”
“Governor Murphy understands that the setbacks small businesses faced during the COVID-19 pandemic continue to impact them long after they reopen and return to full capacity. That is why supporting small businesses is a central component of the Governor’s plan for a stronger, fairer recovery from the COVID-19 pandemic,” said NJEDA Chief Executive Officer Tim Sullivan. “The $135 million in additional COVID-19 relief funding enacted today will be a lifeline to small businesses as they reopen and return to full capacity. The targeted funds for restaurants, arts and culture organizations, and child care providers will be particularly important in ensuring businesses that were severely impacted by the pandemic have the resources they need to make a full recovery, and the Governor’s focus on ensuring equitable and inclusive distribution of resources will move us closer to of a stronger, fairer New Jersey economy.”
The bulk of the funding will be administered by the NJEDA, and will help fund all eligible Phase IV applications. To date, the EDA has allocated more than $650 million in aid to tens of thousands of small businesses across the state.
The breakdown of the $135 million in today’s legislation is as follows:
- Microbusinesses: $55 million
- Bars and Restaurants: $15 million
- Child Care Facilities: $10 million
- For Profit Arts and Culture Organizations: $10 million
- Eligible Small Businesses and Non Profit Organizations: $45 million