Choose New Jersey stands ready to support your business in these unprecedented times. We want to ensure you have the information you need and provide access to available aid. The U.S. government and the State of New Jersey have instituted several loan and grant programs to assist companies experiencing financial hardship due to coronavirus.
One of the largest federal legislative efforts, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, allocates $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the “Paycheck Protection Program,” the initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. Visit the U.S. Small Business Administration (SBA) to learn more about how your small business may qualify.
The State of New Jersey is committed to stabilizing small business operations and put them back on a pathway to growth. The New Jersey Economic Development Authority (NJEDA) has introduced a suite of loans and grants to assist those that are struggling at this time. NJEDA makes it easy for organizations to understand what support programs are available to you through its electronic “Eligibility Wizard”. This tool is designed to help businesses and nonprofits determine which state emergency financial assistance programs or federal SBA disaster loans best suits them. We encourage you to explore the specific programs below to identify the support you may need. For more COVID-19 information and resources, visit https://www.choosenj.com/COVID-19/
Use this wizard to find out if you are eligible for a NJEDA grant or loan.Learn More
A tutorial on NJEDA’s grant applications and details on available programs.Learn More
A $5M program that will provide grants up to $5,000 to small businesses in retail, arts, entertainment, recreation, accommodation, food service, etc.Learn More
A $10M program that will provide working capital loans of up to $100,000 to businesses with less than $5M in revenues.Learn More
A $10M capital reserve fund to take a first loss position on CDFI loans that provide low interest working capital to micro businesses.Learn More
A $1.25M program that will provide grants of up to $250,000 to CDFIs to scale operations or reduce interest rates for the duration of the outbreak.Learn More
A $5M program that will encourage continued capital flows to new companies.Learn More
A $150,000 program that will support technical assistance to New Jersey-based companies applying for State and U.S. Small Business Administration programs.Learn More
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn.Learn More
The U.S. Small Business Administration is offering low-interest disaster loans to small businesses in New Jersey.Learn More
Discover companies currently hiring in New Jersey.Learn More
Garden State Relief Fund ensures that small businesses and nonprofits are provided with quick, equitable and inclusive opportunities for relief, stability, and growth.Learn More
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