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.”
“Small businesses and the people they employ are the backbone of New Jersey’s economy”
Then why did you just raise our taxes? Hypocrite!
This is good news. How do we apply for the funding. VectraCor is a medical device company located in Totowa, NJ and has been hit hard on the pandemic. VectraCor’s phone number is 973 904 0444 and ask for Brad.
Regards, Brad S. Schreck
President & CEO
Hello, I am a small business owner; how do I apply for this Help Funding?
Exactly how will these programs work. I am a small business owner, how could I access these funds when they are available. Can you also let me know the time table regarding the programs inception.
Thank you,
where and how can small business learn more about the additional PPP and grants from the EDA, I would think the NJBIA would go a little deeper since members are all business that could use some assistance.
$95 Million for business assistance? Here is an idea, how about you allow businesses to reopen to normal capacity so they can support themselves. Everyone knows how to wear a mask and use a thermometer. Do you hear us Emperor Murphy? We don’t want hand-outs, we want to run our businesses.
Great to hear that there will be additional help for microbusinesses. We need the help since most bank don’t really care to help the microbusiness. For example, Santander Bank was NO help for microbusinesses. They kept us waiting and telling us that they were working on the application, while they were assisting medium-large business with their PPP loans. Hope that this time, NJ will truly help the microbusiness because we are in need of working capital, either grants or loans. We just need the extra help. In addition, we, our company, are members of NJBIA, we should get a head start on the application process.
Please advise as to how we are to go about applying for these extra funds; no where do I see any information on that portion of the subject.
agree with all above how we apply? i hope one time when we hear as you said a great news to tell us how and when we can apply for the assistance
This is a wonderful gesture to protect our business from closing down but how do we apply? Please advise.
Please send further information on how and when the grants will be available for our business.
go to the NJEDA website it will give you thew information yoiu needu
If we have already received a grant from the NJEDA can we still apply? Please send further information on how and when the grants will be available for our business.
Sign me up so our small business can get this money too or wait just like Murphy always does, says one thing but never produces the money! Where and when can we apply for this money?! Move faster Murphy!
Please let me know when and how to apply. I agree we should not have to beg for the funds. We already are suffering from the lack of self control on spending from all branches of government local and state.
Thank you
Thats is not fair.. there are other businesses (theatres, trampoline parks(family owned), gyms, bowling alleys, etc… we don’t get any help?? We have been devastated even more than restaurants… wow so now NJ will decide who fails and survives… my family invested $2.5M in Hamilton community by building a Trampoline park. We have $2M in loans. How do we survive when due to shut downs and restrictions our business is down 90% yes you heard right 90%… NJBIA we need you.. Gov Murphy we need you… help us now or their will be no family entertainment places open when we want to go and enjoy…
Nice. Meanwhile the Governor has been hoarding the vast majority of the money for state budget relief and is even using $450 million for state employee salaries to help pay for 4 percent salary increases when the state has a $2.3 billion surplus. Unconscionable. Joke. Pathetic. Lipstick on a pig.