NJ Small Businesses To See $135 Million In Relief Under New Law

NEW JERSEY — New Jersey small businesses can expect to some extra cash after Governor Phil Murphy signed legislation offering additional aid to help them recover from the pandemic.

"As small businesses throughout New Jersey continue to struggle from the economic aftermath of COVID-19, we remain committed to providing them with the resources they need to recover," said Murphy.

The bill (S-3982) provides $135 million to small businesses throughout the state and will be administered by the Economic Development Authority as part of its Phase IV Emergency Grant Program and NJ Community Stage Relief Grant Program.

"Together with our partners at the federal level, the EDA and other departments have provided more than three quarters of a billion dollars to our small business community as we emerge from the pandemic stronger and more resilient," said Murphy.

See the breakdown of the $135 million in the legislation below:

• Microbusinesses: $55 million
• Bars and Restaurants: $15 million
• Child Care Facilities: $10 million
• For Profit Arts and Culture Organizations: $10 million
• Eligible Small Businesses and Non Profit Organizations: $45 million

In the Senate, the bill was sponsored by Senators Dawn Marie Addiego and Linda Greenstein. In the Assembly, the bill was sponsored by Assembly Members Gordon Johnson, Vince Mazzeo, and Andrew Zwicker.

"Over the past year, many small businesses have had to make the unfortunate decision to close down permanently due to the COVID-19 pandemic," said Senator Linda Greenstein. "As we move past the pandemic, it is imperative that we aid our surviving businesses and provide opportunities for new businesses to prosper. This $135 million appropriation will provide valuable aid to our businesses across the state as we begin to resume normal operations once again."

The bulk of the funding will be administered by the NJEDA, and will help fund all eligible Phase IV applications. To date, the EDA has allocated more than $650 million in aid to tens of thousands of small businesses across the state.