The New Jersey Economic Development Authority (NJEDA) announced pre-registration for the Small Business Emergency Assistance Loan Program (Phase 2) will open at 9:00 a.m. EST on Tuesday, July 20. The Emergency Assistance Loan Program provides up to $100,000 in financing to New Jersey small businesses and nonprofits. All applicants must pre-register to be eligible to apply. More information is available at https://business.nj.gov/covid/emergency-assistance-loan-program.
“As we move into recovery from the COVID-19 pandemic, it is essential that we continue to provide the resources business owners need to reopen and thrive,” said NJEDA Chief Executive Officer Tim Sullivan. “Thanks to Governor Murphy’s leadership and advocacy by New Jersey’s Congressional delegation, we have received federal funds to support Phase 2 of the Small Business Emergency Assistance Loan Program, which will make much-needed financing available to New Jersey businesses with a focus on growing businesses that have been left out of previous COVID-19 relief programs.”
The NJEDA created the Small Business Emergency Assistance Loan Program in March of 2020 to make financing available to small businesses impacted by the COVID-19 pandemic. To date, the NJEDA has approved 145 loans for a combined total of more than $10 million.
Capitalized by a United States Economic Development Administration (USEDA) Coronavirus Aid, Relief, and Economic Security (CARES) Act appropriation, the Small Business Emergency Assistance Loan Program (Phase 2) makes additional financing available to New Jersey businesses and nonprofits, with a particular focus on entities that have taken on new space in 2021. Businesses with $10 million or less in annual revenue that have executed a new lease, leased additional space, or acquired an owner-occupied commercial space of at least 500 square feet on or after January 1, 2021 will be prioritized as “Stage 1” applicants and have exclusive, early access to the application.
Pre-registration for the Small Business Emergency Assistance Loan Program (Phase 2) will be open from 9:00 a.m. EST on Tuesday, July 20 to 5:00 p.m. EST on Friday, July 30. All businesses must pre-register during this window to be eligible to apply for loans. Pre-registration is not first-come, first-served.
Following the pre-registration period, applications will open for “Stage 1” applicants at 9:00 a.m. on Tuesday, Aug. 3. If the NJEDA does not receive sufficient applications from Stage 1 applicants during this time period to exhaust the available funding, the Authority will open applications to all other qualified entities at 3:00 p.m. EST on Friday, Aug. 13.
More information about the Small Business Emergency Assistance Loan Program (Phase 2) is available at https://business.nj.gov/covid/emergency-assistance-loan-program.
The Small Business Emergency Assistance Loan Program is part of New Jersey’s suite of COVID-19 relief programs. Comprehensive information about New Jersey’s coronavirus response is available at https://business.nj.gov/covid.
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