NJEDA and Passaic County Partner to Administer $10 Million in CARES Act-Funded Grants for Passaic County Businesses
TRENTON, N.J. (June 18, 2020) – The New Jersey Economic Development Authority (NJEDA) is partnering with Passaic County to award $10 million in grants to Passaic County businesses through Phase 2 of the Authority’s Small Business Emergency Assistance Grant Program. Passaic County is providing the funds and they will be distributed only to businesses located in Passaic County. Business owners can apply for funding at https://forms.business.nj.gov/grant-2/.
“The NJEDA and Passaic County share Governor Phil Murphy’s commitment to getting funding to recovering small businesses quickly and efficiently. We are also committed to ensuring funding goes to businesses that need it the most,” said NJEDA CEO Tim Sullivan. “The COVID-19 outbreak created unprecedented challenges for all businesses, but the data shows it hit minority- and women-owned businesses particularly hard. Our collaboration with the County will maximize our collective resources to assist businesses that need help recovering from this crisis while bringing us closer to Governor Murphy’s vision of a stronger and fairer New Jersey economy.”
The $10 million grant program allocated for Passaic County businesses and organizations is part of Phase 2 of the NJEDA’s Small Business Emergency Assistance Grant Program. The county grant program will allow businesses and non-profits with fewer than 25 employees to apply for the grant, on a first come, first serve basis. The application is live and available at https://forms.business.nj.gov/grant-2/. Applications are due June 30th, 2020.
“Passaic County is known for being one of the most diverse counties in the state, and this extends into our local businesses and organizations. This pandemic has taken a toll on so many of our local entrepreneurs and grass roots organizations,” stated Freeholder Director Sandi Lazzara. “In addition to increasing resources like testing and food assistance, the county freeholder board is making sure our local businesses and social service agencies are given the support they need in these difficult times.”
The NJEDA launched the first round of the Small Business Emergency Assistance Grant Program on April 3 with $5 million in NJEDA funds. This phase provided grants up to $5,000 to a precisely targeted subset of businesses that had been hit particularly hard by the Coronavirus outbreak. Phase 2 of the program provides grants up to $10,000 to a significantly expanded variety of businesses and nonprofits with up to 25 full-time employees, including sole proprietorships and home-based businesses, which were excluded from Phase 1. To ensure equitable access for businesses in economically disadvantaged communities, $15 million of Phase 2 funding is reserved for businesses in census tracts that were eligible to be designated as Opportunity Zones.
“Our residents rely on many of the services and resources that our local businesses and organizations offer on a daily basis. Our partnership with the NJEDA will help make sure that our small businesses and support agencies have funding to keep serving our residents and families,” stated Freeholder Director Lazzara.
Comprehensive information about New Jersey’s coronavirus response is available at https://cv.business.nj.gov.
To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.com and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.