TRENTON – The New Jersey Economic Development Authority (NJEDA) July 7 announced pre-registration for the Small Business Emergency Assistance Loan Program (Phase 2) will open at 9 a.m. July 20.
According to an NJEDA release, the Emergency Assistance Loan program provides up to $100,000 in financing to New Jersey small businesses and nonprofits. All applicants must pre-register to be eligible to apply.More information is available at https://business.nj.gov/covid/emergency-assistance-loan-program.
“As we move into recovery from the Covid-19 pandemic, it is essential that we continue to provide the resources business owners need to reopen and thrive,” stated NJEDA Chief Executive Officer Tim Sullivan. “Thanks to Gov. Murphy’s leadership and advocacy by New Jersey’s congressional delegation, we have received federal funds to support Phase 2 of the Small Business Emergency Assistance Loan program, which will make much-needed financing available to New Jersey businesses with a focus on growing businesses that have been left out of previous Covid-19 relief programs.”
The NJEDA created the Small Business Emergency Assistance Loan program in March of 2020 to make financing available to small businesses impacted by the Covid-19 pandemic. To date, the NJEDA has approved 145 loans for a combined total of more than $10 million.
Capitalized by a U.S. Economic Development Administration (USEDA) Coronavirus Aid, Relief, and Economic Security (CARES) Act appropriation, the Small Business Emergency Assistance Loan program (Phase 2) makes additional financing available to New Jersey businesses and nonprofits, with a particular focus on entities that have taken on new space in 2021. Businesses with $10 million or less in annual revenue that have executed a new lease, leased additional space, or acquired an owner-occupied commercial space of at least 500 square feet on or after Jan. 1, 2021, will be prioritized as “Stage 1” applicants and have exclusive, early access to the application.
Following the pre-registration period, applications will open for “Stage 1” applicants at 9 a.m. Aug. 3. If the NJEDA does not receive sufficient applications from Stage 1 applicants during this time period to exhaust the available funding, the authority will open applications to all other qualified entities at 3 p.m. Aug. 13.
Cape May – Governor Murphy says he doesn't know anything about the drones and doesn't know what they are doing but he does know that they are not dangerous. Does anyone feel better now?
