To assist small businesses, the Governor will work with the Legislature to enact an additional $235 million in State funds for various small business relief programs administered by the EDA. This funding will fulfill all eligible pending EDA Phase IV small business grant requests. EDA will begin accepting applications for the extended Phase IV in the near future.
In April, Governor Murphy signed five bills allocating $100 million in federal COVID relief funds for small businesses, including microbusinesses, bars and restaurants, arts organizations, and child care facilities.
To date, the EDA has distributed more than $250 million in aid to some 55,000 businesses across the state. The breakdown of the $235 million in proposed small business funding is as follows:
Microbusinesses: $120 million
Bars and Restaurants: $20 million
Child Care Facilities: $10 million
New Businesses and Start-Ups: $25 million
Sustain and Serve: $10 million
Other Small Businesses and non-profits: $50 million
Excluded New Jerseyans Fund
Governor Murphy will also allocate $40 million in federal Coronavirus Relief Fund (CRF) funds for New Jerseyans who have previously been ineligible for federal assistance, including ITIN holders and others previously excluded from COVID relief assistance such as federal stimulus checks or unemployment insurance.
The Excluded New Jerseyans Fund will provide a one-time cash assistance benefit of up to $2,000 to households with incomes up to $55,000 that can demonstrate they have suffered economic hardship due to COVID-19.
The program will begin accepting applications in the coming months.