Written by Business.NJ.gov Team
Update 10/20/2020: Issues resulting from a high volume of applicants for the Grant Program have been resolved. Confirmation emails may still come with a slight delay, but are on their way. Be assured that the pre-registration process is not first come, first served, and will be available until Tuesday, October 27, 2020, at 5:00 p.m. Thank you for your patience and understanding.
Pre-Registration Opens at 9 a.m. on October 19, 2020, and closes at 5 p.m. on October 27, 2020. To be eligible for Phase 3 funding your business MUST pre-register. Access the Pre-Registration here.
Phase 3 of the Grant Program will likely be oversubscribed. To streamline the application process, the Authority is requiring all applicants to pre-register online. Applications will become available on a rolling basis following the pre-registration period. Pre-registered applicants will need to return to complete an application based on the following schedule:
-Restaurants – 9:00 a.m. on Thursday, October 29, 2020
-Micro businesses – 9:00 a.m. on Friday, October 30, 2020
-All other businesses, excluding restaurants and micro businesses – 9:00 a.m. on Monday, November 2, 2020
Applications for each category will be open for a period of one week will be accepted on a first-come, first-served basis.
To prepare for the pre-registration process, please review the Sample of the Pre-Registration Process.
Translated copies of the phase 3 pre-registration process are available in the following languages: Spanish, Arabic, Mandarin, Cantonese, Gujarati, Hindi, Italian, Korean, Polish, Portuguese, and Tagalog. Because the live pre-registration will only be available in English and Spanish, please contact NJEDA at email@example.com should you require translation assistance.
NJEDA will award a total of $70 million in federal CARES Act funding to small businesses. Any business or nonprofit located in New Jersey, including home-based businesses, with 50 or fewer full-time equivalent employees (FTEs) is eligible to receive grant funding during Phase 3. Businesses that received funding in previous phases of the program are eligible to receive Phase 3 funding.
-Eligible Micro-businesses with five or fewer FTEs and sole proprietorships will receive up to $5,000
-Eligible Businesses with six to 25 FTEs will receive up to $10,000
-Eligible Businesses with 26 to 50 FTEs will receive up to $15,000.
For businesses that are classified as “Food Services and Drinking Places” (NAICS code 722) ONLY:
-Eligible Businesses in this classification with five or fewer employees will receive up to $10,000
-Eligible Businesses with six to 25 FTEs will receive up to $15,000
-Eligible Businesses with 26 to 50 FTEs will receive up to $20,000
For additional information on the Phase 3 application and eligibility, please review the Phase 3 FAQS.
Reimburse revenue lost as a result of a business interruption caused by COVID-19. Businesses may not use the funding for capital expenses.
NJEDA is targeting Phase 3 grants to restaurants, micro-businesses, and businesses in census tracts that were eligible to be designated as Opportunity Zones. $35 million of funding will be dedicated to support businesses classified as “Food Services and Drinking Places” under NAICS code 722 and $15 million will be directed to support “micro-businesses” that have five or fewer FTEs. The remaining $20 million will be available to support any eligible business.
In line with Governor Murphy’s commitment to a stronger, fairer recovery, 33 percent of each of these pools of funding ($11.55 million of the “Food Services and Drinking Places” funding, $4.95 million of the Micro-businesses funding, and $6.6 million of the other small businesses funding) will be directed to businesses located in one of the 715 census tracts that were eligible to be selected as a New Jersey Opportunity Zone.
[This census tract map is provided as a courtesy and for informational purposes only. The link directs you to a site not hosted by the State. Although the data used by that website may have been provided by NJEDA as a courtesy to the public, the State and NJEDA are not responsible for and make no representation with regard to any information or content on that website. The State and NJEDA may use the same software and information to review grant applications but reserves the right to use any other appropriate software and/or information to determine the location of an application in relation to Opportunity Zone eligible census tracts.]
Updated: October 20, 2020