As previously posted in our May 16th alert, the New Jersey Economic Development Authority (“NJEDA”) announced an additional $50 million from the federal government to replenish the New Jersey Small Business Assistance Grant program that was established to help those small businesses impacted by COVID-19.

On May 22, the NJEDA board voted to expand the program to provide grants up to $10,000 to qualified businesses and expand eligibility requirements. Additionally, the NJEDA voted to reserve $15 million for businesses in Opportunity Zones.

The NJEDA will reserve $5 million to fund those businesses that were waitlisted from the first round of the program back in April. Applicants from the first round are encouraged to apply for this second round of funding as well.

Eligibility changes:

  1. Increasing the employee cap for business from 10 full time employees to 25 full time employees;
  2. Home-based businesses and sole proprietorships are now eligible to receive the grants; and
  3. Elimination of NAICCScode restrictions, that will make nearly all small businesses eligible.

Application Requirements:

The applicant must certify that:

  1. The applicant was in operation on February 15, 2020;
  2. The applicant business has been negatively impacted by COVID-19; and
  3. The applicant will make best efforts not to furlough or layoff employees.

Applicant will also be required to fill out an affidavit identifying all other previous COVID-19 related funding.

The NJEDA is expected to release the application for the grant program soon. Please check back for more updates.

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Photo of Eric Stevenson Eric Stevenson

Eric Z. Stevenson is a member of Stark & Stark’s Business & Corporate Practice Group. Mr. Stevenson concentrates his practice in the representation of start-up companies, investment companies, and non-profit organizations on a variety of issues, including corporate formation, financing, franchising, licensing, acquisitions…

Eric Z. Stevenson is a member of Stark & Stark’s Business & Corporate Practice Group. Mr. Stevenson concentrates his practice in the representation of start-up companies, investment companies, and non-profit organizations on a variety of issues, including corporate formation, financing, franchising, licensing, acquisitions, executive compensation, equity compensation plans, employment agreements, real estate, governance, and intellectual property law.

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Rachel Lilienthal Stark is a member of the Banking & Financial Services, Business & Corporate, Intellectual Property and Non-Profit Organization Groups. Ms. Stark concentrates her practice in the representation of start-up and emerging companies and non-profit organizations on a variety of issues including…

Rachel Lilienthal Stark is a member of the Banking & Financial Services, Business & Corporate, Intellectual Property and Non-Profit Organization Groups. Ms. Stark concentrates her practice in the representation of start-up and emerging companies and non-profit organizations on a variety of issues including corporate formation, financing, franchising, licensing, acquisitions, executive compensation, equity compensation plans, employment agreements, real estate and intellectual property law. Ms. Stark also represents lenders in commercial loan transactions.

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Dolores R. Kelley is a Shareholder and member of Stark & Stark’s Business & Corporate, Real Estate, Zoning & Land Use and Beer & Spirits Groups. Ms. Kelley handles a wide range of matters for the real estate industry, including commercial transactions, leasing, condominium and homeowner association formation, and representation of developers and landowners in land use applications. In addition, Ms. Kelley represents clients in the beer, wine, and spirits industries on a variety of issues including corporate formation, financing, licensing leasing, acquisitions, and intellectual property law.