The New Jersey Economic Development Authority (“NJEDA”) launched the New Jersey Small Business Assistance Grant program wherein the NJEDA allocated $5 million to the program to provide grants up to $5,000 to small businesses in retail, arts, entertainment, recreation, accommodation, food service, and other services — such as repair, maintenance, personal, and laundry services — and nonprofits to stabilize their operations and reduce the need for layoffs or furloughs during the COVID-19 pandemic. You can see our original post regarding the program here.

Unfortunately, the program ran out of funds within hours of opening the application portal. However, on May 15th, 2020, Governor Murphy announced an additional $50 million from the federal government is expected to replenish the program to help those small businesses impacted by COVID-19.

More details are to come, but it is expected that the backlog of applicants that applied in the first wave will receive the first bite of the additional funds. The NJEDA is also expected to broaden the eligibility requirements of the New Jersey Small Business Assistance Grant program.

We will continue to provide you with updates as we learn more.

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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.

Photo of Rachel Lilienthal Stark Rachel Lilienthal Stark

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.

Photo of Dolores R. Kelley Dolores R. Kelley

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…

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.