investment

EDA Continues to Aid Struggling Businesses Amid Pandemic

Gov. Phil Murphy took time during his COVID-19 briefing today to highlight the work being done by the New Jersey Economic Development Authority (EDA), which has assisted more than 30,000 businesses through its suite of COVID-19 relief programs so far during the pandemic, according to the governor. These programs range from: direct grants, low interest loans, support for private-sector lenders and community development financial institutions, and capital guarantees for entrepreneurs, for example.

Murphy pointed to the Small Business Emergency Assistance Grant Program in particular, which has provided more than $120 million to more than 27,000 businesses, with 22,000 more slated to receive Phase 3 grants.

The EDA is also maintaining its NJ Small and Micro Business PPE Access Program, which provides businesses with discounts on the purchase of personal protective equipment (PPE) from designated vendors.

“Right now, all New Jersey businesses, regardless of size, can receive a 10% discount on their PPE purchases through these vendors,” Murphy said.

Additionally, starting tomorrow, businesses with 100 or fewer employees will be eligible for a discount of nearly 70% off purchases of PPE.

Businesses that want more information should visit: covid19.nj.gov/ppeaccess

Despite the work being done by the EDA and others, Murphy acknowledged that there is still far too much economic turmoil in the state, and likened the current stress levels in the country to that of when Pearl Harbor was attacked.

“The stress levels are overwhelming,” Murphy said. “There are too many people out of work and too many businesses [in turmoil]. There will be more than 16,500 families that will have Thanksgiving without a family member who was with them last year.”

To access more business news, visit NJB News Now.

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