Support for Business Owners
The federal government, the State of New Jersey, and the City of East Orange offer programs to help you through the COVID-19 pandemic. Learn about these programs for business owners and workers here.
Governor Phil Murphy and Lt. Governor Sheila Oliver recently announced $5 million in funding for Phase 2 of the Small Business Lease Emergency Assistance Grant Program. This commercial rent relief program provides grants up to $10,000 for COVID-impacted small businesses and nonprofits located in NJRA’s 66 legislatively designated communities.
The application opens on:
Monday, February 22nd, at 9:00 a.m.
The $50 million Small Business Emergency Assistance Grant Program that will be formally approved by the New Jersey Economic Development Authority on Friday morning will set aside $15 million specifically for companies located in Opportunity Zones
SMALL BUSINESS ECONOMIC DISASTER LOAN
This week, SBA announced that the deadline to apply for a COVID-19 pandemic Economic Injury Disaster Loan has been extended to December 31, 2021.
To date, SBA has approved $197 billion in low-interest loans, which provide U.S. small businesses, non-profits, and agricultural businesses working capital funds. Economic Injury Disaster Loan applications will continue to be accepted through December 2021, pending the availability of funds.
Loans are offered at affordable terms, including a 3.75% interest rate for small businesses and 2.75% for non-profit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin. All eligible small businesses and nonprofits are encouraged to apply.
COVID-19 Business Assistance Program
The City of East Orange has appropriated Community Development Block Grant CARES Funds (CDBG-CV) for the Microenterprise COVID-19 Assistance Program.
The program is established to provide working capital funds to the community's small businesses that have been severely impacted by the COVID-19 pandemic and have received limited or no assistance from the SBA or other government programs.
The program will launch in a couple of weeks. Please share your information.