New Jersey State Emergency COVID-19 Relief Programs
See each program page for details on programs administered by the New Jersey Economic Development Authority (NJEDA), the New Jersey Redevelopment Authority (NJRA), the New Jersey Department of Consumer Affairs (NJDCA), the New Jersey Housing and Mortgage Finance Agency (NJHMFA), and the New Jersey Department of Environmental Protection (NJDEP). To see which of these programs you are eligible for, use the NJ COVID-19 Business Support Eligibility Wizard.
Please click on each program below for more information.
Programs Currently Open:
NJEDA NJ Entrepreneur Support Program – A $5 million program that will encourage continued capital flows to new companies, often in the innovation economy, and temporarily support a shaky market by providing 80 percent loan guarantees for working capital loans to entrepreneurs.
NJEDA Small Business Emergency Assistance Guarantee Program – A $10 million program that will provide 50 percent guarantees on working capital loans and waive fees on loans made through institutions participating in the NJEDA’s existing Premier Lender or Premier CDFI programs.
NJEDA Emergency Technical Assistance Program – A $150,000 program that will support technical assistance to New Jersey-based companies applying for State and US Small Business Administration programs. The organizations contracted will be paid based on SBA application submissions supported by the technical assistance they provide.
NJDEP will award a total of $11 million in CARES Act funding to coastal and marine-fisheries-related businesses that have lost revenue due to the impacts of COVID-19. Eligible businesses include commercial fisheries, aquaculture businesses, processors, dealers, recreational for-hire fishing businesses and bait and tackle shops, as well as businesses operating in more than one of these categories.
Eligible businesses must have fewer than 100 full-time employees and be able to demonstrate a greater than 35% loss in fishery-related revenue between March 1 and June 30, 2020 compared to their 5-year average revenue for the same period. The application deadline is December 4, 2020.
NJEDA Community Development Finance Institution (CDFI) Emergency Loan Loss Reserve Fund – A $10 million capital reserve fund to take a first loss position on CDFI loans that provide low-interest working capital to micro-businesses. This will allow CDFIs to withstand loan defaults due to the outbreak, which will allow them to provide more loans at lower interest rates to microbusinesses affected by the outbreak. Only NJ-based CDFIs are eligible for these programs.
NJEDA CDFI Emergency Assistance Grant Program – A $1.25 million 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. Only NJ-based CDFIs are eligible for these programs.
Programs That Have Closed:
NJHMFA Small Landlord Emergency Grant Program – NJHMFA reopened a program that assists small rental property owners and their tenants during the COVID-19 emergency, funded through the CARES Act. The program was launched in August and reopened for a second phase with expanded eligibility guidelines. The grant supports vulnerable landlords of properties by reimbursing them for missed/reduced rent payments between April and July 2020. Landlord grantees will be required to forgive the back rent and late fees that their tenants have accrued during the April to July period. Applicants must be the Primary Property Owner of a residential property and registered with the New Jersey Department of Community Affairs (NJDCA) Bureau of Housing Inspection within the Registration Inspection Management System (RIMS) database. Eligible properties must have between 3 and 30 units; may not be a seasonal or vacation rental property; have at least one non-vacant rental unit that was impacted by COVID-19 between April and July 2020; and have low-to-moderate rent levels. The Application for the second phase opened on September 28th at 12pm and closed on October 13th at 4pm. Eligible and complete applications will be reviewed and awarded in a computer-randomized order to give each application an equal chance of receiving funds.
NJRA Small Business Lease - Emergency Assistance Grant Program -- A $6 million NJRA program that allows businesses in 64 eligible municipalities that have been adversely impacted by COVID-19 to apply for grants of up to $10,000 to assist with lease payments. The program is targeted to businesses with 5,000 square feet of leased space or less, and provides grants to tenants leasing commercial space in mixed-use buildings, tenants leasing space in commercial buildings, and tenants leasing space to operate a storefront business. Due to overwhelming demand, this round of funding for the program is exhausted. Application status updates will be shared via email with applicants.
NJEDA Small Business Emergency Assistance Grant Program, Phase 1 – A $5 million program that will provide grants up to $5,000 to small businesses in retail, arts, entertainment, recreation, accommodation, food service, and other services – such as repair, maintenance, personal, and laundry services – to stabilize their operations and reduce the need for layoffs or furloughs. The initial funding for this program was exhausted and NJEDA also awarded an additional $5 million to fund businesses that were waitlisted during Phase 1. Information on application status can be found online.
NJEDA Small Business Emergency Assistance Grant Program, Phase 2 – $45 million in federal CARES Act funding provided grants up to $10,000 to a significantly broader range of businesses than were previously eligible. The application period is now closed. Applicants may now check the status of Phase 2 applications online.
NJEDA Small Business Emergency Assistance Grant Program, Phase 3 - 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 also eligible to receive funding. Grant awards will be calculated based on the number of FTEs businesses employ. The Phase 3 Application is now Closed. Businesses can check Phase 3 Grant Application Status online.
NJEDA Small Business Emergency Assistance Loan Program – A $10 million program that will provide working capital loans of up to $100,000 to businesses with less than $5 million in revenues. Loans made through the program will have ten-year terms with zero percent for the first five years, then resetting to the EDA’s prevailing floor rate (capped at 3.00%) for the remaining five years. Applications for this program are currently closed. Applicants may now check the status of Small Business Emergency Assistance Loan applications online.
NJDCA Main Street New Jersey COVID-19 Relief Program - A $1.6 million program that will provide grants to District Management Organizations that participate in Main Street New Jersey (MSNJ), to fund eligible COVID-19 recovery activities and costs occurring with the boundaries of the designated MSNJ district.
NJDCA Neighborhood Preservation COVID-19 Relief Program - A $2.6 million program that will provide grant funding to municipalities with current approved Neighborhood Preservation Program plans, to fund eligible COVID-10 response activities, including limited funding for local program administrative costs.
NJDCA Neighborhood Revitalization Tax Credit COVID-19 Relief Program - A $3.1 million program that will provide grant funding to organizations with approved Neighborhood Revitalization Tax Credit plans as of the FY20 application cycle, to fund eligible COVID-19 response activities. At least 60 percent of funds must be distributed by grantees to small businesses with a physical location in their neighborhood boundaries for eligible business uses.
Traditional NJEDA Programs
The NJEDA encourages businesses to explore the following programs. More details about each of these programs can be found on the NJEDA’s website at njeda.com/small_midsize_business.
Update 8/24/2020: Due to the significant demand and number of applications the NJEDA has received for the Micro Business Loan Program, the NJEDA closed the Micro Business Loan Program application at 5:00 pm EST on Friday, August 21, 2020. as the available funding is oversubscribed for this program. Any application in process needed to be submitted by 5:00 pm EST on Friday, August 21, 2020, as NJEDA disabled the ability to submit applications at that time.
Please be advised that based on the volume of applications the NJEDA has already received and is working through, there may be a delay between when you apply and when the NJEDA is able to update you with a final decision on your loan application, which is subject to the availability of funding.
Through this program, the NJEDA makes financing of up to $50,000 available to New Jersey businesses, which can use the financing for working capital or to purchase equipment. To ensure that the financing is accessible to the early-stage and micro businesses that need it most, to qualify, a business must fewer than ten employees and no greater than $1.5 million in revenues. On June, 9, NJEDA announced an expansion of its Micro Business Loan Program to assist New Jersey small businesses, many of which are facing business interruption as a result of COVID-19.
The expanded program will provide financing up to $50,000 to businesses for inventory, equipment, and working capital. Loans will have a standard ten-year term. Interest rates will be set at 2 percent with no interest and no payment due for the first three years. Businesses that receive financing under the enhanced program and are still in operation 12 months after the closing date of the loan will have ten percent of the approved loan amount forgiven. The expanded Micro Business Loan Program is open to for-profit businesses with a business location in New Jersey, as well as home-based businesses and not-for-profit organizations that have been in operation for at least two years. Startup businesses, defined under the program as business in operation between six months and one year, may also be eligible for the program, but will be required to provide a business plan and five-year projections at application. The NJEDA will capitalize the program with $10 million. Of the $10 million in total funding available, $3.5 million will be set aside to support eligible entities located in New Jersey Opportunity Zone-eligible census tracts.
Small Business Fund: The Small Business Fund offers loans of up to $500,000 for qualifying creditworthy small, minority- or women-owned businesses in New Jersey with up to $3 million in revenue that have been in operation for at least one full year and may not have the ability to get bank financing. Not-for-profit corporations that have been operating for at least three full years may also be eligible for assistance under the Small Business Fund.
Direct Loans: Direct loans are available up to $2 million for fixed assets, and $750,000 for working capital. New Jersey businesses in need of financing and committed to job creation/retention may be eligible for direct loans through the NJEDA when conventional financing is not available. NJEDA’s direct loan financing offers competitive interest rates and terms.
Premier Lender Program: In partnership with two dozen banks throughout New Jersey, The Premier Lender Program offers up to a $2 million loan participation or $1.5 million loan guarantee for fixed assets, and up to a $750,000 loan participation or $1.5 million guarantee for term working capital. Line of credit guarantees of up to $750,000 are also available.