NJEDA COVID Relief Loan Program now open for Phase 2 pre-registration

by PDM STAFF

| Photo by Dylan Gillis on Unsplash

TRENTON, NJ — The New Jersey Economic Development Authority (NJEDA) has opened a pre-registration for Phase 2 of the Small Business Emergency Assistance Loan Program as part of Governor Phil Murphy’s ongoing COVID-19 relief and recovery efforts. The loan provides financing of up to $100,000 at 0 percent interest to eligible New Jersey small businesses and nonprofits. All entities must pre-register before 5 p.m. on Friday, July 30, to apply for the loan. 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. EDT on Tuesday, August 3, 2021. Applications will remain open for Stage 1 applicants only for 10 days. 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 “Stage 2” entities at 3:00 p.m. EDT on Friday, August 13, 2021.

More information about Phase 2 of the Small Business Emergency Assistance Loan Program is available at this link.

“Our goal is to not only recover from the COVID-19 pandemic but to also support the resiliency and long-term sustainability of New Jersey’s small businesses. To this end, 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 supporting 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.

Funded by a United States Economic Development Administration (USEDA) Coronavirus Aid, Relief, and Economic Security (CARES) Act appropriation, Phase 2 of the Small Business Emergency Assistance Loan Program 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 has 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. Entities that meet all other eligibility criteria but do not meet the new lease, additional leased space, or acquired owner-occupied commercial space criteria will be eligible to apply as “Stage 2” applicants.

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