For those of you who still might not be signed up for Senator Bucco’s newsletter, here is some important information and links related to COVID for small businesses:
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Senator Anthony M. Bucco (R-25)
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senbucco@njleg.org
973-627-9700
Pre-Registration Deadline (10/27) Approaching for Small Business Emergency Assistance Grant Program Phase 3 Program Overview and Eligibility The New Jersey Economic Development Authority (NJEDA) will award a total of $70 million in federal CARES Act funding to small businesses. Any business or nonprofit located in New Jersey, including home-based businesses, with 50 or fewer full-time equivalent employees (FTEs) is eligible to receive grant funding during Phase 3. Businesses that received funding in previous phases of the program are eligible to receive Phase 3 funding. Mandatory Pre-Registration and Application Periods Pre-Registration closes at 5 p.m. on October 27, 2020. To be eligible for Phase 3 funding your business MUST pre-register. Access the Pre-Registration here. Phase 3 of the Grant Program will likely be oversubscribed. To streamline the application process, the Authority is requiring all applicants to pre-register online. Applications will become available on a rolling basis following the pre-registration period. Pre-registered applicants will need to return to complete an application based on the following schedule: Restaurants – 9:00 a.m. on Thursday, October 29, 2020 Micro businesses – 9:00 a.m. on Friday, October 30, 2020 All other businesses, excluding restaurants and micro businesses – 9:00 a.m. on Monday, November 2, 2020 Applications for each category will be open for a period of one week will be accepted on a first-come, first-served basis To prepare for the pre-registration process, please review the Sample of the Pre-Registration Process. Translated copies of the phase 3 pre-registration process and Frequently Asked Questions regarding the application are available in the following languages: Spanish, Arabic, Mandarin, Cantonese, Gujarati, Hindi, Italian, Korean, Polish, Portuguese, and Tagalog. Because the live pre-registration will only be available in English and Spanish, please contact NJEDA at languagehelp@njeda.com should you require translation assistance. Grant awards will be calculated based on the number of FTEs businesses employ: Eligible Micro-businesses with five or fewer FTEs and sole proprietorships will receive up to $5,000 Eligible Businesses with six to 25 FTEs will receive up to $10,000 Eligible Businesses with 26 to 50 FTEs will receive up to $15,000. For businesses that are classified as “Food Services and Drinking Places” (NAICS code 722) ONLY: Eligible Businesses in this classification with five or fewer employees will receive up to $10,000 Eligible Businesses with six to 25 FTEs will receive up to $15,000 Eligible Businesses with 26 to 50 FTEs will receive up to $20,000 Please use the NJEDA Phase 3 Grant Eligibility Estimator and NJEDA Phase 3 Grant Size Estimator to understand your businesses’ eligibility. For additional information on the Phase 3 application and eligibility, please review the Phase 3 FAQS. Your organization may use Phase 3 grant funding to… Reimburse revenue lost as a result of a business interruption caused by COVID-19. Businesses may not use the funding for capital expenses. Funding Allocation NJEDA is targeting Phase 3 grants to restaurants, micro-businesses, and businesses in census tracts that were eligible to be designated as Opportunity Zones. $35 million of funding will be dedicated to support businesses classified as “Food Services and Drinking Places” under NAICS code 722 and $15 million will be directed to support “micro-businesses” that have five or fewer FTEs. The remaining $20 million will be available to support any eligible business. |
