With the increased money, Phase 3 will now have $130 million to be distributed — or enough to give a grant to every eligible company that applied, according to Tim Sullivan, the CEO of the New Jersey Economic Development Authority.
Phase 3 of the program, which was announced last month, is aiming to help businesses in the hardest-hit industries, with targeted funding for restaurants, microbusinesses and businesses in historically disadvantaged communities.
In October, the state said money would be distributed this way:
-$35 million dedicated to support businesses classified as “Food Services and Drinking Places” under NAICS code 722;
-$15 million directed to support “microbusinesses” that have five or fewer full-time equivalents;
-$20 million available to support any eligible business;
-33% of each pool will be targeted to businesses in Opportunity Zone-eligible census tracts.
Sullivan said the additional money will be used wherever it is needed to meet a request.
“We should have enough funds now for all eligible applicants,” Sullivan told ROI-NJ.
In real terms, Sullivan said the additional funding means more than 13,000 small businesses will now get funding.
With the added total, the state has now made $250 million in grants available to small businesses.
The EDA program will use a public-private partnership model to provide automatic discounts on PPE purchased through EDA-approved “Designated Vendors.”
Small businesses can purchase discounted PPE and apply for grants to help pay for it at the state’s COVID-19 website.Click here.
The EDA has approved three “designated vendors” for the launch of the program, including Boxed, an online shopping club that delivers household essentials in bulk, andOffice Depot. These designated vendors have created “microsites” where New Jersey-based businesses can register and purchase a curated selection of PPE products at a 10% discount.
Business with fewer than 100 employers can get up to $400 in grant money to help offset costs, too.