Governor Phil Murphy announced the Small Business Lease - Emergency Assistance Grant Program (SBL-EAGP), which will allow grants of up to $10,000 to assist small businesses (and possibly landlords) in 64 municipalities in the state which include Bayonne, Union City, Weehawken, Harrison, Newark, Hoboken, and Jersey City.
The program will be managed by the New Jersey Redevelopment Authority (NJRA), and financed with federal CARES act funding, which is a part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27th, 2020 and consisted of over $2 trillion economic relief package. The money from the economic relief package is available to protect the American people from the public health and economic impacts of COVID-19. The CARES Act provides fast and direct economic assistance for American workers, families, small businesses, universities, and more. $6 million in federal CARES Act funding will be allocated for the Small Business Lease - Emergency Assistance Grant Program (SBL-EAGP).
“We are committed to helping small businesses across our state survive this unprecedented crisis,” stated Governor Murphy. “A stronger and fairer New Jersey starts from the bottom up. The Small Business Lease - Emergency Assistance Grant Program will infuse much-needed funding into local economies by assisting both small businesses and the landlords that they rent from.”
The grant is considered to be the first component of a broader Main Street Commercial Corridors Relief Package to be paid for with federal CARES Act funding and specifically targeted to:
Tenants leasing commercial space in mixed-use buildings
Tenants leasing space in commercial buildings
Tenants leasing space to operate a storefront business
The program will be targeted to businesses with 5,000 square feet of leased space or less and is requiring standard debarment and legal qualifications from applying businesses.
“The Small Business Lease Emergency Grant Assistance Program is directly geared toward keeping the mom-and-pop shops on main streets and business centers afloat in this time of need, specifically in our most vulnerable communities in New Jersey,” said Lt. Governor Sheila Oliver, who serves as Commissioner of the Department of Community Affairs and Board Chair of the New Jersey Redevelopment Authority. The motive of this grant is to assist small business owners, who have been facing financial hardships due to the virus.
The effort to support small local businesses during these unprecedented times will assist business owners in facing challenges such as bills (electricity, rent, paying employees, stocking up, and more). Simply to stay afloat, businesses might need this boost after the downfall experienced.
Applications will open August 10, 2020 at 9:00 am, online, and funds will be distributed on a first-come, first-served basis.
CLICK HERE TO APPLY