The New Jersey Economic Development Authority (NJEDA) is creating a $10 million grant program that will provide short-term, immediate rent and mortgage reimbursement support to New Jersey businesses and nonprofits with up to 50 employees that suffered physical damage on September 1st and 2nd, 2021 as a result of weather caused by Tropical Storm Ida and any additional flooding immediately thereafter.
The proposed program will provide small businesses and non-profit entities with up to 50 employees grants of $1,000 to $5,000 dollars. Landlords and home-based businesses are not eligible. As proposed, grants will be provided in the form of reimbursement of a business’s August rent or mortgage payment.
-Provide certification of an unmet need due to damage and/or business interruption.
-Provide documentation of physical damage to the applicant’s physical commercial location.
-Present a valid Employer Identification Number (EIN).
-Submit recent wage reporting form (WR30), if applicable.
-Be registered to do business in the State of New Jersey.
-Be in good standing with the Department of Taxation.
-Comply with any additional requirements that are announced when the program is finalized.
The parameters of the program announced today are preliminary and are subject to change. The proposed program will be presented to the NJEDA’s Board for consideration of approval at a special meeting on Wednesday, September 8th at 10:00 a.m. If approved, the NJEDA expects to announce full details and the application timeline for the grant program following that meeting.
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