TRENTON State and federal officials today announced $100 million in CARES Act funding to support New Jersey residents and businesses affected by the COVID-19 pandemic.
The bulk of the money, $70 million, will be distributed to restaurants, microbusinesses and other small businesses through the New Jersey Economic Development Authority Small Business Emergency Assistance Grant Program. An additional $10 million will be used to help small businesses purchase personal protective equipment, $15 million will go to support renters through the Department of Community Affairs COVID-19 Emergency Rental Assistance Program, and $5 million will support food banks and other hunger relief efforts. A third of each of these pools of will support businesses located in Census tracts designated as Opportunity Zones.
Small businesses and the people they employ are the backbone of New Jersey's economy, yet they have borne a disproportionate share of the burden of the COVID-19 pandemic, Gov. Phil Murphy said in a release. If we are to emerge from this pandemic stronger and more resilient than we were before, it is incumbent on us to support them in any way possible. This additional funding helps us accomplish that goal.
"Small businesses are the backbone of our economy and critical to the vitality and quality of life in our downtowns," Senate President Steve Sweeney said. This $100 million aid package funded out of the federal CARES Act will help ensure the survival of thousands of small businesses, particularly the many restaurants that have had a hard time staying afloat even with outdoor dining and are now facing an uncertain winter.
He called on Washington to approve another stimulus package to keep us from sliding further into recession."
U.S. Sen. Bob Menendez said the money would help struggling businesses stay open, get protective gear needed to keep employees and customers safe, and provide rental and food assistance to residents who need it most.
Launched in early April, the Small Business Emergency Assistance Grant Program has helped 19,000 small businesses stay open. Phase 3 of the grant program expands eligibility to any business with 50 or fewer full-time equivalent employees and increases the amount of funding businesses can receive.
On Friday, the Department of Human Services announced its new Housing Assistance Program, which will use $12 million from the CARES Act to provide rental or mortgage assistance payments for eligible households that have suffered a financial hardship due to COVID-19. More information on that program is available here.
