More financial help is on the way for NJ small businesses this spring

The New Jersey Economic Development Authority has launched Phase 4 of its Small Business Emergency Assistance Grant Program, adding $85 million in funds from the Coronavirus Aid, Relief, and Economic Security Act.

Phase 4 is dedicated to providing support to small and medium businesses and nonprofits impacted by the pandemic.

Get our free mobile app

Patience Purdy, director of Strategic and Program Initiatives at the NJEDA, said $35 million is reserved for restaurant funding, $10 million is set aside for child care providers, $25 million is reserved for micro-businesses with five or fewer full-time employees and the remaining $15 million is for other small businesses with six to 50 full-time employees.

Businesses can pre-register starting April 19 until April 29 at business.nj.gov/covid

Businesses must pre-register in order to get to the application process. Once a small business pre-registers, they will receive a confirmation email and an email from the NJEDA in advance of the application process.

There will be a series of application openings starting May 3. Pre-registered applicants will need to return to https://programs.njeda.com/en-US/ to complete an application.

Unlike the pre-registration process, Purdy said the application process, is on a first-come-first-served process. May 3 is reserved for businesses that either did not apply for or were not approved for Phase 3 funding.

Then on May 5 at 9 a.m., applications will become available for restaurants and child care providers. Microbusinesses with five or fewer full-time employees can begin the application process starting 9 a.m. on May 10.

All other small businesses can fill out an application starting May 12.

Microbusinesses with five or fewer employees will be eligible for a maximum grant of up to $10,000. Small businesses with six to 25 full time employees will be eligible for a maximum grant of up to $15,000. Businesses with 26 to 50 full time employees will be eligible for a maximum grant of up to $20,000.

Since the beginning of the pandemic and when Phase 1 of this grant program started, the NJEDA has made more than 55,500 awards totaling about $257 million. This includes the small business grant programs, the small business emergency loan programs, Sustain and Serve program, PPE Access program, entrepreneurial support and technical assistance.

Phase 3 was the largest grant program, awarding more than 20,000 applicants with $147 million.