Pre-registration to open July 20 for Small Business
Emergency Assistance Loan Program (Phase 2)
The New Jersey Economic Development Authority will open pre-registration for the Small Business Emergency Assistance Loan Program (Phase 2), which provides up to $100,000 in financing to New Jersey small businesses and nonprofits that have been negatively impacted by the COVID-19 pandemic, at 9 a.m. Tuesday, July 20. All applicants must pre-register to be eligible to apply.
The state has allocated a total of $10 million for this program with $3.5 million reserved for entities located in one of the 715 census tracts that were eligible to be designated as an Opportunity Zone. For for-profit entities, the maximum amount a business is eligible to receive will be based on the owners’ average credit scores.
In addition, the eligible expenses will include the following (financing can only be used for expenses incurred on or after Aug. 3, 2021):
• Inventory
• Rent/Mortgage
• Payroll
• Utilities
• Personal protective equipment
• Furniture, fixtures, or equipment that do not require professional installation costs in excess of $1,999.
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For more information on the program and to pre-register, click here.
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