Small businesses in Hoboken financially impacted by COVID-19 are eligible for grants of up to $20,000 — courtesy of CARES Act funding — local, county and state officials announced Wednesday.
Hoboken small businesses can apply for funding of up to $20,000 from the $1.9 million allocated from the CARES Act through the city’s dedicated grant application website here.
Officials said the grant program is designed to help offset the significant impact COVID-19 has had on businesses and to assist businesses in expenses including salary payments for employees; mortgage payments; business loan payments; equipment leases or finance payments; and utility payments.
To be eligible for funding, the small business must meet the following criteria:
- Must be located within the city of Hoboken;
- Must be a for-profit entity;
- Cannot have more than 25 full-time equivalent employees per week (not more than 1,000 hours) per week as of March 15, regardless of the number of business locations.
In addition to $1.9 million in CARES Act funding for emergency small business relief, Hoboken is eligible for up to $5.5 million in reimbursements for COVID-19 related expenses.
Approximately $1.5 million has been utilized by the city for expenses, including increased COVID-19 testing, providing meals for seniors to keep them indoors during the pandemic, additional expenses for the Office of Emergency Management, disinfecting senior buildings in the Hoboken Housing Authority and more.
Hoboken officials also announced $8 million of CARES Act funding has been allocated for the city’s COVID-19 expenses, including expanded testing, food for seniors, costs of disinfecting public buildings and more.
The announcement was made by Mayor Ravi S. Bhalla, Hudson County Executive Tom DeGise, Freeholder Anthony Romano, U.S. Sen. Bob Menendez (D-N.J.) and U.S. Rep. Albio Sires (D-8th Dist.).
Bhalla said the money is much-needed.
“This will not only provide us with important resources as we continue to expand testing and keep our residents safe, it also provides critical grants for our small businesses who have been severely impacted over the past several months,” he said.
DeGise said the grants are a way to help small businesses, which he said are a key to the city’s success.
“Hoboken’s dynamic small business community has long been a leading driver of economic growth in Hudson County,” he said. “That is why we are so pleased to offer Mile Square City business owners our County Small Business COVID-19 Recovery Program, funded by federal CARES Act dollars secured by Sen. Menendez. I know Mayor Bhalla and the city council will help their small business community take full advantage of what it offers to help them recover.”
Menendez said he’s working to do more.
“This funding will ensure small business owners can continue paying their employees, their bills, and are ready to safely and responsibly reopen their doors,” he said. “I’ll continue fighting hard in Washington for the resources our state needs to continue responding to the pandemic and for the tools that will ensure we’re on a path towards economic recovery and prosperity.”
“We need to support the neighborhood businesses that are the foundation of our community, and I’m pleased that this CARES Act funding is making its way to those who need it,” he said. “I will continue to work with my House colleagues to get more funding to small businesses and municipalities as we craft additional response legislation.”
For more information on eligibility, criteria and to apply, businesses can click here.