SNJDC Member Update Report 10.13.20

SNJDC COVID-19

MEMBER UPDATE

October 13, 2020

Governor Murphy Announces Additional $100 Million for COVID-19 Economic Recovery

This afternoon Governor Phil Murphy announced $100 million in additional CARES Act funding to support New Jersey residents and businesses affected by the COVID-19 pandemic.

The bulk of the money, $70 million, will be distributed to restaurants, microbusinesses, and other small businesses through Phase 3 of the New Jersey Economic Development Authority (NJEDA) Small Business Emergency Assistance Grant Program.

Phase 3 of the Grant Program expands eligibility to any business with 50 or fewer full-time equivalent employees (FTEs) and increases the amount of funding businesses can receive. $35 million will be dedicated to support businesses classified as “Food Services and Drinking Places” under NAICS code 722 and $15 million will be directed to support “micro-businesses” that have five or fewer employees. The remaining $20 million will be available to support any eligible business.

Additional Grant Aid:

$10 million will be used to help small businesses purchase Personal Protective Equipment (PPE) through the NJEDA Small and Micro Business PPE Access Program
$5 million will support food banks and other hunger relief efforts.

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Southern NJ Development Council | (856) 228-7500 | snjdc.org