Scarinci Hollenbeck, LLC
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201-896-4100 info@sh-law.comFirm Insights
Author: Scarinci Hollenbeck, LLC
Date: March 31, 2020
The Firm
201-896-4100 info@sh-law.comThe New Jersey Economic Development Authority (NJEDA) recently announced several new initiatives designed to help New Jersey businesses cope with economic hardships resulting from the COVID-19 pandemic. The initiatives include a grant program for small businesses, a zero-interest loan program for mid-size companies, support for private-sector lenders and Community Development Financial Institutions (CDFIs), and funding for entrepreneurs.
“The outbreak of the novel coronavirus in New Jersey has sent us into uncharted territory, and the economic impacts will be significant and far-reaching, especially on Main Street. The scope and scale of this new challenge requires immediate action to support New Jersey workers and businesses,” Governor Phil Murphy said in a press statement. “The new NJEDA programs announced today are a critical step that will mitigate the economic impacts of this unprecedented challenge and help workers and businesses to weather the storm and come out stronger when things return to normal.”
According to NJEDA, the new programs will provide more than $75 million of State and private financial support, with the opportunity to grow to more than $100 million if additional philanthropic, State, and federal resources become available. Below is a brief summary of the initiatives:
If you need assistance in determining which initiatives are right for you and your business, NJEDA has created an NJ COVID-19 Business Support Eligibility Wizard to help businesses determine which initiatives may be available to them. It anticipates that that applications will open this week. These programs are in addition to other available options, whether in New York or via the CARES Act.
In addition, New York City enacted two financial assistance programs to help small NYC businesses weather COVID-19, which you can learn more about at: https://scarincihollenbeck.com/firm-news/covid-19-alerts/covid-19-financial-assistance-programs-for-nyc-businesses/
If you have any questions or if you would like to discuss the matter further, please contact the Scarinci Hollenbeck attorney with whom you work, at 201-896-4100.
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