Your organization is eligible for the Small Business Emergency Assistance Loan Grant if you…
- Have between 1 and 10 FTEs. This means companies non-employee companies (holding), companies that have between 1-10 FTE utilizing 1099 employees, and larger firms are not eligible for this round of grant funding.
- Have a physical commercial location in the State of New Jersey. Home-based businesses are not eligible for this round of grant funding. A home-based business is a business operated out of a residential property where commercial activity is not zoned to take place.
- Are classified in one of the following industries: Retail (NAICS codes starting with 44… or 45…); Accommodation & food services (NAICS codes starting with 72…); Arts, entertainment & recreation (NAICS codes starting with 71…); Other services (only those with NAICS codes starting with 811… and 812). You can look up your NAICS code at naics.com/search
- Are registered to do business in the State of New Jersey.
- Must certify that the company is in good tax standing with the State
- Are in good standing with the Department of Labor and Workforce Development, with all decisions of good standing at the discretion of the Commissioner of the Department of Labor and Workforce Development.
- The CEO of the business must certify that the business:
1. Will make a best effort not to furlough or lay off any individuals from the time of application through six months after the end of the declared state of emergency. SMEs that have already furloughed or laid off workers must make a best-effort pledge to re-hire those workers as soon as possible. Any material breach of its best efforts certification may result in the NJEDA seeking repayment of the grant.
2. Has been negatively impacted by the COVID-19 declared state of emergency in Executive Order 103 (e.g., has been temporarily shut down, has been required to reduce hours, has had at least a 20% 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).
3. Has a material financial need that cannot be overcome without the grant of emergency relief funds at this time (e.g., does not have significant cash reserves that can support the SME during this period of economic disruption