The money will go toward grants awarded as part of Phase 3 of the New Jersey Economic Development Authority’s (NJEDA’s) Small Business Emergency Assistance Grant Program. Without this funding, approximately 13,000 out of 22,000 Garden State businesses that applied for such as emergency grant would not have been able to receive a grant.
The Phase 3 funding is targeted for businesses with 50 or fewer employees, including home-based businesses, and has funding specifically dedicated to restaurants and other businesses struck hardest by the COVID-19 pandemic. Thus far, more than 22,000 small businesses in New Jersey have been approved for grants totaling nearly $65 million through Phases 1 and 2 of the Small Business Emergency Assistance Grant Program.
“As the winter approaches, there are countless small businesses in our region struggling to stay afloat. The aim of these grants is to help these small businesses survive and, eventually, thrive again rather than see them go out of business permanently and further exacerbate the region’s economic slide,” said Freeholder Director Louis Cappelli Jr.