Preregistration for Phase 2 of the New Jersey Economic Development Authority’s Small Business Emergency Assistance Loan Program will not begin Feb. 10 as previously announced. A new preregistration date has not been announced.
EDA officials said they are deferring the launch of the program to accommodate the rollout of additional federal Paycheck Protection Program financing for small businesses, which had not been announced when the EDA was preparing to launch the Small Business Emergency Assistance Loan Program.
The deferral will allow the EDA to tailor the Emergency Assistance Loan Program to address gaps in the availability of federal financing and more effectively meet businesses’ needs.
EDA officials said they will share updates on the situation on the COVID-19 Business Hub.
The Small Business Emergency Assistance Loan Program is a $10 million program that will make direct low-cost financing available to help New Jersey small businesses and nonprofit organizations with recovery and reopening efforts.
The program will provide a direct loan of up to $100,000 to New Jersey-based small businesses and nonprofit organizations that have been in existence and in operation for at least one year, have $5 million or less in annual revenue and have been negatively impacted by the COVID-19 public health crisis.
To date, more than $2.1 billion has already been loaned to New Jersey businesses through the PPP in 2021.