Cape May, NJ

The New Jersey Economic Development Authority (NJEDA) Announces Application Launch Date for Grants for Businesses Impacted by COVID-19

2020-04-01T19:16:35+00:00

The NJEDA will launch the application for its Small Business Emergency Assistance Grant Program on Friday, April 3, 2020, at 9:00 am and close it on April 10, 2020, at 9 a.m. The grant program is part of a package of initiatives announced last week to support businesses and workers facing economic hardship due to the outbreak of the novel coronavirus COVID-19.

The Small Business Emergency Assistance Grant Program will provide up to $5,000 to NJ-based small- and medium-sized businesses and non-profits that have between 1–10 full time equivalent employees (“FTE”). The grant funding is targeted as unrestricted payroll and working capital support, and cannot be used for any capital expenses, including construction.

Grant values are calculated at $1,000 per FTEs reported on a business’ WR-30 filed with the New Jersey Department of Labor and Workforce Development.

  • Minimum grant amount (per application): $1,000
  • Maximum grant amount (per application): $5,000

For additional information on the NJEDA Small Business Emergency Assistance Grant Program please click here.

Applications for other NJEDA COVID-19 programs, including no/low-interest loans, entrepreneurship support, and technical assistance for those applying for U.S. Small Business Administration loans will be available in the coming weeks. Businesses and nonprofits can find eligibility requirements for all programs on the COVID-19 Business Information Hub or use the Eligibility Wizard to identify which emergency assistance programs they may want to consider for their business’s specific needs. Comprehensive information about New Jersey’s response to the novel coronavirus outbreak is available here: https://covid19.nj.gov/.

About the Author(s)
Kevin McGinn is a Senior Manager in HBK’s Blue Bell, Pennsylvania office and is a member of HBK's Tax Advisory Group. He has extensive experience in tax planning for high-net worth individuals and businesses in many industries such as distribution, manufacturing, service, and non-profit.
Hill, Barth & King LLC has prepared this material for informational purposes only. Any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or under any state or local tax law or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Please do not hesitate to contact us if you have any questions regarding the matter.

RECOMMENDED ARTICLES