Gov. Phil Murphy announced today that $100 million in additional CARES Act funding will be provided to New Jersey small business and families affected by COVID-19.
Speaking at the Flounder Brewing Company in Hillsborough, Murphy said the funds would help “to keep our economic recovery moving.”
The breakdown of the announced CARES Act funding includes $95 million for business assistance. Of that, $70 million will go through the NJEDA’s Small Business Emergency Assistance Grant Program, including $35 million for the food service industry and $15 million for microbusinesses of no more than five employees.
Another $10 million will be allocated for more for PPE assistance through the EDA, while $15 million will go toward DCA’s small business rental assistance program and $5 million will go toward families struggling with food insecurities.
Also announced separately during the press conference was $12 million in funding for a new DHS program for rental/mortgage assistance for struggling households.
“Small businesses and the people they employ are the backbone of New Jersey’s economy, yet they have borne a disproportionate share of the burden of the COVID-19 pandemic,” Murphy said. “If we are to emerge from this pandemic stronger and more resilient than we were before, it is incumbent on us to support them in any way possible. This additional funding helps us accomplish that goal.”
In a statement, NJBIA President and CEO Michele Siekerka said the added funding was welcome and certainly needed for New Jersey businesses, but the state was still in need of a more comprehensive strategy if businesses are to remain close-
“We are pleased to see Governor Murphy use additional CARES Act funding to help our small businesses that are struggling while operating in a limited capacity,” Siekerka said. “While $95M will certainly meet some of our small business’s current needs, we still need a forward-looking, comprehensive and strategic plan that will assist businesses for the long haul given the limited capacity environment they continue to find themselves in.
“We hope the Governor continues to examine how more of the unused CARES Act funds can go to what they were most intended for – supporting the people struggling because of COVID-19 through no fault of their own.”