New Jersey Sends $ 10.2 Million to Help Small Businesses Pay Rent | New Jersey
(The Center Square) – New Jersey has allocated $ 10.2 million to help small businesses pay rent.
The New Jersey Redevelopment Authority (NJRA) will use federal funding from the Coronavirus Aid, Relief, and Economic Security (CARES) Act to extend the Small Business Emergency Assistance Grants (SBL-EAGP) program.
Under the grant program, which is part of the Main Street Trade Corridor Relief Program, small businesses affected by COVID-19 located in any of the 68 designated municipalities are eligible for grants of up to ‘to $ 10,000. It will focus on organizations that did not receive funding in the second round of the program.
“This funding will allow the NJRA to work through our existing pipeline of existing applicants to provide grants to small businesses located in our eligible communities, which continue to feel the effects of the [COVID-19] pandemic, âLeslie A. Anderson, president and CEO of the NJRA, said in a statement.
In February, Governor Phil Murphy allocated an additional $ 5 million for SBL-EAGP, claiming that the program had already distributed $ 10 million to around 1,000 companies. The program, one of many state officials pushed amid the COVID-19 pandemic, targets businesses with 5,000 square feet of rented space or less.
State officials say they have allocated nearly $ 700 million to various COVID-19 relief programs.