The New Jersey Economic Development Authority (NJEDA) announced the approval of the Henri/Ida Business Assistance Grant Program at a special meeting of its board. The $10.5 million program will provide grants of $1,000 to $5,000 for businesses and non-profits that suffered physical damage from the effects of recent tropical storms Henri and Ida.
The approval follows Gov. Phil Murphy’s announcement of preliminary details of the program last week. The NJEDA has been tasked with creating and administering the program, which will provide short-term, immediate rent/mortgage reimbursement support to New Jersey businesses and non-profits with up to 50 full-time equivalent employees that suffered physical damage from Tropical Storm Henri on Aug. 22 and 23, or from Tropical Storm Ida on Sept. 1, 2 and 3.
More information about the Henri/Ida Business Assistance Grant Program is available at https://www.njeda.com/henri-ida-relief/.
“Countless New Jersey businesses endured the wrath of Tropical Storms Henri and Ida in recent weeks, and today’s action by the NJEDA’s board will allow us to move swiftly to help those businesses in need,” said Governor Murphy. “Time is clearly of the essence and we are determined to get funds out to businesses and non-profits as quickly as possible.”
The Henri/Ida Grant Program is designed to assist businesses and non-profits impacted by tropical storms Henri and Ida. The Program will provide grants from $1,000 up to $5,000 to New Jersey-based small businesses and non-profits that have up to 50 full-time equivalent employees as reported on their last WR-30 form (Q2 2021) with the NJ Department of Labor and Workforce Development (DOL) and have a commercial location in the State that suffered physical damage as a result of tropical storms Henri and Ida. Of the $10.5 million available for the program, $10 million will be available for grants for businesses and non-profits impacted by Ida and $500,000 will be set aside for businesses and non-profits impacted by Henri.
Landlords and home-based businesses are not eligible for grant funding through this program. To be eligible, the applying entity must:
Grants will be provided in the form of reimbursement of August rent or mortgage ($1,000 minimum rent eligibility). To ensure grants reach businesses in the hardest hit communities, including communities of color, one-third of the $10 million in funding available through the program will be targeted to businesses with a primary business location within the 715 census tracts designated as eligible to be selected as an Opportunity Zone.
“The NJEDA shares Governor Murphy’s sense of urgency as we work to provide support to small businesses and non-profits dealing with the impact of Henri and Ida,” said NJEDA CEO Tim Sullivan. “The need for assistance is particularly dire, as these storms occurred just as New Jersey was emerging from the impact of the COVID-19 pandemic. It’s more critical than ever that we do our best to help impacted entities return to normal operations so they may continue their role as the economic drivers of New Jersey’s communities.”
The NJEDA has stressed to business owners and non-profit leaders the importance of thoroughly documenting all physical damage as they prepare to apply for assistance through this and any future programs, including taking clear photographs and saving receipts for repairs and associated materials.
Comprehensive information about the Henri/Ida Business Assistance Grant Program is available at https://www.njeda.com/henri-ida-relief/. The NJEDA expects to launch an online application for the program at 9:00 a.m. on Friday, Sept. 17 at https://www.njeda.com/henri-ida-relief/. Applications will be reviewed on a first come, first served basis.
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