COUNTY OF BERGEN ANNOUNCES GRANT PROGRAMS TO PROVIDE FINANCIAL RELIEF FOR MUNICIPALTIES AND SMALL BUSINESSES IMPACTED BY COVID-19 PANDEMIC
From the New Jersey Economic Development Authority:
The NJ EDA has a new Small Business Assistance Grant Program.
The application process starts today (June 10, 2020) at 9am. It is first-come, first-served.
The eligibility requirements have been expanded from the original program to include all NAICS codes, and sole proprietors and home-based companies are also eligible.
The application will take about 25-30 minutes to complete. It cannot be saved for someone to come back to it, so be prepared to fill it out in one sitting.
Our Board just approved a $50M expansion of NJ’s Small Business Emergency Assistance Grant Program. This will support a broader range of #COVID19 impacted small businesses and will ensure funds are distributed equitably. Here’s how: http://www.njeda.com/covidgrantprogramexpansion
The NJEDA Board voted today to expand our Micro Business Loan Program. The $10 million program will provide loans up to $50,000 to businesses with 10 or fewer employees, with $3.5 million set aside for OZ-eligible census tracts: https://www.njeda.com/microbusinessloanexpansion
Paycheck Protection Program (PPP):
You can still apply for PPP; there is still money available through the program and you may benefit from program modifications.
The Paycheck Protection Program Flexibility Act relaxes some of the original restrictions of the program:
Expands the timeframe to use the loan from 8 weeks to 24 weeks;
Reduces the 75/25 rule on payroll costs to 60/40; and
Extends the deadline to rehire laid-off workers from June 30 to December 31, 2020.