Second Phase of Small Business Emergency Assistance Loan Program to Open

Posted: January 28, 2021

The New Jersey Economic Development Authority (NJEDA) will open pre-registration for Phase 2 of its Small Business Emergency Assistance Loan Program at 9:00 a.m. on Wednesday, February 10, 2021.

The $10 million program expansion will support New Jersey small businesses and nonprofits impacted by the COVID-19 pandemic and will be capitalized by a United States Economic Development Administration (USEDA) Coronavirus Aid, Relief, and Economic Security (CARES) Act appropriation.

Any business or entity that intends to apply for a loan must first pre-register during this pre-registration period, which will run from 9:00 a.m. on February 10, 2021 to 5:00 p.m. on February 22, 2021.

The second phase of the Small Business Emergency Assistant Loan Program will make up to $100,000 in low-cost financing available to eligible New Jersey small businesses and nonprofits to help with recovery and reopening efforts as a result of COVID-19. The funding can be used to pay rent or mortgage, payroll, and/or utilities. It can also be used to purchase personal protective equipment (PPE) or COVID-related inventory, furniture, fixtures, or equipment.

Program applications will be reviewed on a first-come, first served basis, with priority given to applicants that have received no greater than $10,000 in government assistance from any federal, state or local (county/municipal) assistance program.

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