Updates from Senator Bucco

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:

Please feel free to also sign up yourself through his office:

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.