More than 2,800 restaurants have been approved for nearly $35 million from Phase 3 of the Small Business Emergency Assistance Grant Program, the New Jersey Economic Development Authority said Friday.
The total essentially completes the $35 million that was originally set aside specifically for “Food Services and Drinking Places” — or companies with an NAICS code of 772.
However, the state has added an additional $60 million to the grant money allotment.
Tim Sullivan, the CEO of the EDA, said he expects all eligible establishments will receive a grant.
The EDA has said the grant money will be distributed based on full-time equivalents as follows:
- 5 or fewer FTEs: $10,000;
- 6 to 25 FTEs: $15,000;
- 26 to 50 FTEs: $20,000.
More than 2,400 restaurants received more than $10.2 million during Phases 1 & 2 of the program.
Earlier this month, the EDA announced the Sustain and Serve grant program, in which $2 million in grant money will be awarded to nonprofits for the specific purpose of buying food from restaurants.
That program will launch in December.
