NJEDA just announced a modest loan and grant program for NJ small businesses and investors impacted by COVID-19. Among other programs, qualifying small businesses with revenue under $5mm could receive $100K low-interest loans (actually interest free for first 5 years) depending on the nature of detrimental impacts from the pandemic. The programs also provide guarantees to certain investors and modest grants to small businesses per full-time equivalent employee ($1,000-$5,000 grants).
Who should care?
- If you are a small business with $5 million or less in revenue and you have been impacted by the pandemic, please take a minute to read the FAQs below.
- If you are an investor that made an investment on or after March 9, 2020, please also take a minute to read the FAQs below.
We are monitoring the evolution of these programs and establishing communications with authorities to understand the actual mechanics of the process. If you have any questions or need assistance, please feel free to give one of us a call.