The New Jersey Economic Development Authority reopened preregistration for Phase 4 of its Small Business Emergency Assistance Grant Program on Wednesday morning — but, please note, if you already have registered for the grant program, you do not need to register again.
Small business owners and nonprofits that have not previously applied for Phase 4 grants need to preregister as a preliminary step toward applying for grants of up to $20,000.
Phase 4 funding is supporting restaurants, microbusinesses and child care providers, as well as other small businesses, affected by the COVID-19 pandemic.
To ensure grants reach businesses in the hardest-hit communities, including communities of color, the NJEDA has assigned one-third of funding to businesses with a primary business location within the 715 census tracts designated as eligible to be selected as an Opportunity Zone.
The state recently announced the allocation of $200 million in additional funds to help fulfill Phase 4 grant applications. The additional funds will continue to support the most adversely affected businesses in New Jersey, including $20 million for bars and restaurants, $120 million for microbusinesses, $10 million for child care providers, as well as $50 million for other small businesses and nonprofits with up to 50 full-time equivalent employees.
The preregistration, which reopened Wednesday, will remain open for five weeks, until 5 p.m. June 30.
Applications will become available following the preregistration period, as preregistered applicants will be asked to return to programs.njeda.com to complete an application, based on the following schedule:
9 a.m. July 7:
- Restaurants (food services and drinking places, NAICS begins with 722);
- Child care providers (NAICS code 624410);
- Small businesses (6 or more full-time equivalent employees).
9 a.m. July 8:
- Microbusinesses (5 or less full-time equivalent employees).
Applications will remain open through 5 p.m. July 15 and will be accepted on a first-come, first-served basis, based upon the date and time the EDA receives a completed application submission. Applicants must complete the full application to be considered for grant funding.
Grant awards will be calculated based on the number of full-time equivalent employees businesses employ:
- Microbusinesses with five or fewer FTEs and sole proprietorships will receive up to $10,000;
- Businesses with six to 25 FTEs will receive up to $15,000;
- Businesses with 26 to 50 FTEs will receive up to $20,000.
A grant size estimator is available here.
Small businesses and nonprofits will need to show they have been negatively impacted during the declared state of emergency to be eligible for this grant. This includes businesses that have been temporarily shut down, have been required to reduce hours, have had at least a 20% drop in revenue, have been materially impacted by employees who cannot work due to the outbreak or have a supply chain that has materially been disrupted and therefore slowed firm-level production during the pandemic.
In addition to the Small Business Emergency Assistance Grant Program, the EDA administers a variety of technical assistance and low-cost financing programs for small and midsized businesses impacted by COVID-19.
Businesses and nonprofits can use the Eligibility Wizard to identify which emergency assistance programs they may want to consider for their business’s specific needs. More information about these programs and other state support is available here or by calling 844-965-1125.
