New Jersey Gov. Phil Murphy has signed a package of bills to send $235 million to small businesses throughout the state.
The governor signed Assembly Bill 5704 to designate $120 million for microbusinesses, Assembly Bill 5705 to allocate $10 million for child care centers, Assembly Bill 5706 to send $20 million to bars and restaurants, Assembly Bill 5707 to provide $50 million for small businesses and nonprofits, Assembly Bill 5708 to set aside $25 million to establish a program to help new businesses and nonprofits and Assembly Bill 5709 to give $10 million to the Sustain and Serve NJ program.
“Our legislation will provide $235 million in grants to help businesses and non-profits who were hit hard by the pandemic and are now deciding when and how to reopen, rehire and ramp up to full operation in the weeks and months ahead,” state Sen. Dawn Addiego, D-Burlington, said in a news release. “The six-bill package sets aside $30 million specifically for restaurants, and most important, it includes a $25 million fund for the new restaurants, retailers and service providers that we need to fill the vacant storefronts in our downtown business districts left empty by businesses that closed.”
The New Jersey Economic Development Authority (NJEDA) will administer the funding and allow it to approve eligible applications submitted during the fourth phase of its Small Business Emergency Grant Program.
“As we head into the summer, it’s encouraging to see more people out and about, but recovery from the severe economic impact of the pandemic won’t happen overnight,” NJEDA CEO Tim Sullivan said in a news release.
To date, NJEDA has distributed more than $420 million to 63,000 businesses across New Jersey.