These NJ State grants (not loans) will be up to $5000 based on your qualifications.
GRANTS FOR SMALL BUSINESSES
Applications for these NJ grants open up on Monday, March 30th and will be handled on a first come first serve business. BUT you must prepare to fill out the application by (1) making sure you are registered in the State of NJ (have that documentation on hand; (2) making sure you have paid your NJ taxes (have that information handy); and as the head of your company, you will need to fill out an application where you legally certify that you have tried not to furlough employees AND/OR will aim to rehire them, have been materially impacted by COVID-19, and that you need this money.
CHECK the URL every day next week, starting Monday, March 30th.
Check this URL every day starting Monday for the application to open up.
https://faq.business.nj.gov/en/articles/3835237-what-grants-are-available-for-small-and-medium-sized-businesses-via-the-njeda-small-business-emergency-assistance-grant Applications will be handled on first come, first serve basis.
DETAILS OF THE GRANT APPLICATION PROCESS AND WHO MAY APPLY
The Small Business Emergency Assistance Grant Program will provide up to $5,000 to NJ-based businesses that have between 1–10 full time equivalent employees (“FTE”). The grant funding is targeted as unrestricted payroll and working capital support, and cannot be used for any capital expenses, including construction.
Grant values are calculated at $1,000 per Full Time Employees as reported on your business’ WR-30 filed with the New Jersey Department of Labor and Workforce Development.
- Minimum grant amount (per application): $1,000
- Maximum grant amount (per application): $5,000
Your organization is eligible for the Small Business Emergency Assistance Loan Grant if you…
- Have between 1 and 10 full time employees. This means companies non-employee companies (holding), companies that have between 1-10 FTE utilizing 1099 employees, and larger firms are not eligible for this round of grant funding.
- Have a physical commercial location in the State of New Jersey. Home-based businesses are not eligible for this round of grant funding.
- Are classified in one of the following industries: Retail (NAICS codes starting with 44… or 45…); Accommodation & food services (NAICS codes starting with 72…); Arts, entertainment & recreation (NAICS codes starting with 71…); Other services (only those with NAICS codes starting with 811… and 812). You can look up your NAICS code at com/search
- Are registered to do business in the State of New Jersey.
- Must certify that the company is in good tax standing with the State
- Are in good standing with the Department of Labor and Workforce Development, with all decisions of good standing at the discretion of the Commissioner of the Department of Labor and Workforce Development.
- The CEO of the business must certify that the business:
- Will make a best effort not to furlough or lay off any individuals from the time of application through six months after the end of the declared state of emergency. SMEs that have already furloughed or laid off workers must make a best-effort pledge to re-hire those workers as soon as possible. Any material breach of its best efforts certification may result in the NJEDA seeking repayment of the grant.
- Has been negatively impacted by the COVID-19 declared state of emergency in Executive Order 103 (e.g., has been temporarily shut down, has been required to reduce hours, has had at least a 20% drop in revenue, has been materially impacted by employees who cannot work due to the outbreak, or has a supply chain that has materially been disrupted and therefore slowed firm-level production).
- Has a material financial need that cannot be overcome without the grant of emergency relief funds at this time (e.g., does not have significant cash reserves that can support the SME during this period of economic disruption
- Non-profit organizations are eligible for this program. Eligible non-profits must have status of 501(c)(3), 501(c)(4), 501(c)(7)
No fees will be collected by the authority for this program and funding will be fully disbursed as quickly as possible upon approval of grant application.
Applications are anticipated to be opened on the week of March 30th.
Completed applications will be considered on a first come, first serve rolling basis.
We do not claim to be lawyers, accountants or tax professionals. We present this material for informational purposes only and is based solely as our best understanding at this time. We accept no liability for any action based on this information nor for any errors or omissions. We strongly suggest that you discuss the material provided herein with your legal and tax professionals.