Tomorrow morning the Phase 4 of NJEDA will open providing additional funding for COVID impacted businesses. Phase 4 funds aim to reimburse lost revenue as result of the business interruption caused by the pandemic between March 1, 2020 and the date of the grant agreement, providing the necessary resources to any eligible business that has been temporarily shut down, has been required to reduce hours, has had at least a 20 percent drop in revenue, has been materially impacted by employees who cannot work due to the outbreak, or has a supply chain that has materially been disrupted and therefore slowed firm-level production during the pandemic.
From the NJEDA official website, you can read: “ … The $85,000,000 in funds available through Phase 4 will be allocated as follows:
Restaurants: $35 million of funding to support businesses classified as “Food Services and Drinking Places” under NAICS code 722, given the disproportionate impact these businesses have experienced due to the pandemic, including caps on on-location dining and unusual costs they incurred to adapt their business models for safe operations.
Child Care Providers: $10 million of funding to support businesses classified as “Child Day Care Services” under NAICS code 624410, given the disproportionate impact these businesses have experienced due to the pandemic, including caps on capacity numbers and unusual costs they incurred to adapt their business models for safe operations.
Micro-businesses: $25 million of funding to support businesses that have had 5 or fewer FTEs in each of their past eight quarters of WR-30 filings (including businesses with no FTEs), given the unique financial vulnerability experienced because of the pandemic by micro-businesses, which typically have lower financial reserves.
Other small businesses (6-50 FTE): The remaining $15 million of funding will support businesses that are not eligible under the micro-business category.
Applications will become available on a rolling basis following the pre-registration period (April 19, 2021, 9:00 a.m. to April 29, 2021, 5:00 p.m.) Pre-registered applicants will need to return to https://programs.njeda.com/en-US/ to complete an application based on the following schedule:
Businesses that did not apply for, or were not approved for Phase 3 funding – 9:00 a.m. on May 3, 2021
Restaurants and child care providers – 9:00 a.m. on May 5, 2021
Micro businesses (five or fewer FTEs) – 9:00 a.m. on May 10, 2021
All other small businesses, excluding restaurants, micro businesses, and child care providers – 9:00 a.m. on May 12, 2021
Applications for each category will be open for a period of one week and will be accepted on a first-come, first-served basis, based upon the date and time the Authority receives a completed application submission.”
For more details, please, follow the link below.
Link Announcement on April 14, 2021 – https://www.njeda.com/njeda-announces-launch-dates-for-85-million-phase-4-of-the-small-business-emergency-assistance-grant-program/