NJEDA to Provide $15 Million in CARES Act Funding to Businesses in Additional Counties

On August 11, the New Jersey Economic Development Authority (NJEDA) announced that its Board has approved the use of $15.3 million in Coronavirus, Aid, Relief and Emergency Security (CARES) Act funding to provide grants through the Authority’s Small Business Emergency Assistance Grant Program to businesses located in 12 New Jersey counties that did not receive direct allocations of CARES Act funding from the federal government. The funds will be added to the more than $100 million the NJEDA is currently administering to support COVID-19-impacted businesses.

The additional $15.3 million will go toward fulfilling eligible Phase 2 grant applications from businesses located in the 12 New Jersey counties that did not receive direct CARES Act funding allocations from the federal government: Atlantic, Burlington, Cape May, Cumberland, Gloucester, Hunterdon, Mercer, Morris, Salem, Somerset, Sussex, and Warren. 

The remaining nine counties previously received their own separate allocations of CARES Act funds. Essex, Ocean and Passaic counties contributed $10 million each to the NJEDA to allocate to businesses in those three counties through Phase 2 of the Small Business Emergency Assistance Grant Program. Bergen, Camden, Essex, Hudson, Middlesex, Monmouth, Ocean, Passaic, and Union counties are spending the funds on other COVID-19 relief programs. 

Please reach out to Hilary Chebra, Manager, Government Affairs at hchebra@chambersnj.com if you have any questions.  

NJEDA Begins Accepting Applications for Expanded Micro Business Loan Program

On August 11,the New Jersey Economic Development Authority (NJEDA) announced that it has started accepting applications for its expanded Micro Business Loan Program to support New Jersey small businesses, many of which are facing business interruption as a result of COVID-19. The application can be found at www.njeda.com/microbusinessloan. Applications will be accepted on a rolling basis.

Under the expanded program, $10 million is available for financing of up to $50,000 for micro businesses and nonprofits with ten or fewer full-time employees and no greater than $1.5 million in annual revenues. Loans through this program will have a 10- to 15-year term, with interest rates at two percent and no principal or interest payments for the first three years. Under the Micro Business Loan Program, financing can be used for inventory, the purchase of equipment, or working capital.

Businesses that may be interested in the program should visit www.njeda.com/MicroBusinessLoan to review the program eligibility and access the loan application. Once the loan application is submitted, if the NJEDA determines the business may be eligible, the business will be asked to provide additional financial information the NJEDA will need to make a final decision on the loan application. Applicants that wish to start gathering any financial information needed can review the application checklist located on the program webpage for further guidance.

Please reach out to Hilary Chebra, Manager, Government Affairs at hchebra@chambersnj.com if you have any questions. 

NJEDA to Partner with Rutgers on Disparity Study for NJ Wind Port Contracting

On August 11, the New Jersey Economic Development Authority (NJEDA)  announced plans to contract with Rutgers University to conduct a disparity study of the Authority’s contractual awards related to the New Jersey Wind Port. The study will analyze whether there is a disparity between the number of qualified minority-, women-, veteran- and/or LGBTQ-owned businesses (MWVLOBs) that are ready, willing, and able to contract with the NJEDA and perform services relevant to development of the Wind Port and the number of vendors and contractors that have historically received contracts for similar work. The study will also recommend programmatic remedies to address any identified disparity or under utilization of MWVLOBs. 

The Wind Port will be located on the eastern shore of the Delaware River in Lower Alloways Creek, Salem County; approximately seven-and-a-half miles southwest of the City of Salem. Construction is planned in two phases, beginning in 2021. Phase 1 will develop a 30-acre site to accommodate marshalling activities and a 25-acre component manufacturing site. Phase 2 adds another 150 acres to accommodate expanded marshalling activities and extensive manufacturing facilities for turbine components such as blades and nacelles. 

More information about the New Jersey Wind Port is available at https://www.nj.gov/windport/. 

Please reach out to Hilary Chebra, Manager, Government Affairs at hchebra@chambersnj.com if you have any questions.