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New Jersey Emergency Assistance Grant Program Announced for Small Businesses Owners

Governor Murphy announced a new relief program to assist small businesses impacted by COVID-19.

The Small Business Lease – Emergency Assistance Grant Program (SBL-EAGP) will provide eligible businesses with grants of up to $10,000 to offset lease expenses.

The SBL-EAGP, which is overseen by the New Jersey Redevelopment Authority (NJRA), is the first part of a more extensive Main Street Commercial Corridors Relief Package. The program will be funded with $6 million in federal CARES Act funding.

Who is Eligible for the NJ Small Business Emergency Assistance Grant?

Those small businesses in the NJRA’s 64 eligible municipalities, who have been adversely impacted by COVID-19, can apply for up to $10,000 to assist with lease expenses. The SBL-EAGP will provide grants to:

  • Tenants leasing commercial space in mixed-use buildings
  • Tenants leasing space in commercial buildings
  • Tenants leasing space to operate a storefront business
For questions or further assistance, please contact a member of the State and Local Tax Team.

The program is aimed at those businesses with 5,000 square feet or less of leased space and requires standard debarment and legal qualifications from applicants.

What are the Next Steps to Take Advantage of the New Jersey Small Business Owners’ Emergency Assistance Grant Program?

If qualified, applications will be accepted beginning August 10, 2020, online, and funds will be distributed on a first-come, first-serve basis.

Learn more about Economic Development Grants in New Jersey.

Authors: Jim Bartek, CPA | jbartek@withum.com and Bonnie Susmano | bsusmano@withum.com

SALT Updates
Source: https://nj.gov/governor/news/news/562020/approved/20200723a.shtml

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