July 24, 2020
LONG BRANCH, NJ –
Governor Phil Murphy announced yesterday a new relief program for small businesses impacted by the COVID-19 pandemic. The Small Business Lease - Emergency Assistance Grant Program (SBL-EAGP) will allow businesses in
64 eligible municipalities to apply for grants of up to $10,000 for lease costs. The program will assist small business owners impacted by the COVID-19 pandemic, which also assists landlords, many of whom are also small businesses.
“We are committed to helping small businesses across our state survive this unprecedented crisis,” said Governor Murphy. “A stronger and fairer New Jersey starts from the bottom up. The Small Business Lease - Emergency Assistance Grant Program will infuse much needed funding into local economies by assisting both small businesses and the landlords that they rent from.”
The SBL-EAGP, managed by the
New Jersey Redevelopment Authority (NJRA), is the first component of a broader Main Street Commercial Corridors Relief Package to be paid for with federal CARES Act funding. Through the SBL-EAGP, small businesses located in NJRA’s 64 eligible municipalities that have been adversely impacted by COVID-19 will be able to apply for up to $10,000 to assist with lease payments. It will provide grants to:
- Tenants leasing commercial space in mixed-use buildings.
- Tenants leasing space in commercial buildings.
- Tenants leasing space to operate a storefront business.
The program will be targeted to businesses with 5,000 square feet of leased space or less, and is requiring standard debarment and legal qualifications from applying businesses.
Applications will open August 10, 2020, online, and funds will be distributed on a first come first served basis. Six million dollars in federal CARES Act funding will be allocated for this program.
As experts on PPP loans, we are here to help you complete your PPP Loan Forgiveness Application. Feel free to contact any member of our team at (610) 828-1900 (PA) or (732) 341-3893 (NJ) with questions. You can contact me at
Richard.Higgins@MCC-CPAs.com
and Marty at
Marty.McCarthy@MCC-CPAs.com
. As always, we are happy to help.
Stay safe,
Rich Higgins, CPA
Managing Principal - New Jersey Office
McCarthy & Company
Sources: The New York Times and The Washington Post. July 23, 2020.
Disclaimer: This alert is for informational purposes only and does not constitute professional advice. Information contained in this communication is not intended or written to be used as tax advice, and cannot be used by the recipient to avoid penalties that may be imposed under the Internal Revenue Code. We strongly advise you to seek professional assistance with respect to your specific issue(s).
