Committee advances $235 million for grants to help small businesses in New Jersey
(The Center Square) – The state Assembly Appropriations Committee has advanced six bills allocating $235 million to help small businesses in New Jersey.
Under the legislation, the New Jersey Economic Development Authority (NJEDA) would administer the funding. The money, which would come from the state’s General Fund, would cover pending Phase IV small business grant requests submitted to the EDA, officials said.
“New Jersey’s small businesses are the backbone of our state’s economy, and they desperately need help to hang on,” New Jersey Business & Industry Association (NJBIA) Vice President Christopher Emigholz said in a news release. “These bills are important because they focus on businesses that have been the most negatively impacted by the pandemic, including hospitality, childcare, nonprofits.”
The largest allocation, A-5704, designates $120 million for microbusinesses. A-5707 allocates $50 million for small businesses and nonprofits, while A-5708 designates $25 million to establish a program to help new businesses and nonprofits.
A-5706 allocates $20 million for “food and beverage establishments,” while A-5705 sends $10 million to childcare centers, and A-5709 designates $10 million for the Sustain and Serve NJ program.
“These NJEDA grants are needed to prevent more business closures by helping those that have been hardest hit by the pandemic to recover some of their revenue losses and bring more employees back to work,” Emigholz added.
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