$ 10.2 million allocated to the Emergency Small Business Lease Grant program

Governor Phil Murphy announced that an additional $ 10.2 million in assistance has been allocated to the Emergency Small Business Lease Grant Program (SBL-EAGP).

The additional funding will be used to provide grants of up to $ 10,000 to companies currently in preparation for the program. The program will continue to help small business owners affected by the COVID-19 pandemic, which is also helping owners, many of whom are also small businesses.

“Small businesses have always been the backbone of New Jersey’s economy, and they’ve also been hit hardest by the pandemic,” Governor Murphy said. “Keeping these businesses afloat amid the COVID-19 turmoil continues to be the focus of my administration and this money, along with the hundreds of millions of dollars allocated to other programs, will go a long way in helping them keep their doors open. “

“As President of the NJRA, I am delighted that the Authority can continue its efforts to help small businesses recover from the negative effects of the COVID 19 pandemic,” said Lt. Gov. Sheila Oliver.

The SBL-EAGP, managed by the New Jersey Redevelopment Authority (NJRA) and funded by federal funding from the CARES Act, supports small businesses located in the 68 eligible NJRA municipalities that have been affected by COVID-19. This new funding allocation will support businesses that did not receive funding in the second round of this initiative. The program will target companies with 5,000 square feet of leased space or less, and requires standard exclusion and legal qualifications from applicant companies.

“This funding will allow the NJRA to work through our existing pipeline of existing applicants to provide grants to small businesses located in our eligible communities, which continue to feel the effects of the COVID 10 pandemic,” said Leslie A. Anderson , president and CEO of the NJRA.

To date, the administration has allocated nearly $ 700 million for COVID-19 relief programs, helping tens of thousands of businesses stay open.

To access more business news, visit NJB News Now.

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