NJBIA Statement on NJEDA Programs to Assist NJ Businesses, Non-profits Impacted by Coronavirus

New Jersey Business & Industry Association President & CEO Michele N. Siekerka, Esq. released the following statement in response to the package of grant, loan and support programs approved and announced today by the New Jersey Economic Development Authority to help businesses hurt by the coronavirus response.

“NJBIA thanks Governor Murphy and the EDA for standing up these programs in expeditious order to bring much-needed support to many vulnerable New Jersey small- and medium-sized businesses and non-profits who need it most.

“Throughout this health crisis, we have fielded hundreds of calls and emails from New Jersey business owners unable to meet payroll and pay their bills because they have little to no revenue coming in and little reserves. By and large, they are desperate to stay afloat and devastated to have made difficult staff decisions.
“While we know much more help will be needed in terms of federal and state funding to improve the overall fiscal health of New Jersey businesses and non-profits, these EDA programs and their immediacy will be of significant help.
“We continue to strongly urge all business owners who are interested in these grants and loans to take inventory of all necessary evidence of cash flow and income over the past year, including receipts and invoices, and to connect with their accountants. This way they can put their most effective foot forward during the application process and get in early. Don’t wait. Get ready now!”