Jersey City Pledges to Match State Grants for Small Businesses Impacted by COVID-19
Jersey City has announced a program of local grants to support small businesses facing financial hardships due to the COVID-19 crisis.
The small business grant program will entail the City of Jersey City matching 100% of any state grants awarded to Jersey City applicants of the NJ Economic Development Authority (NJEDA) Small Business Emergency Assistance Grant Program. That program went live as of 9:00 a.m. this morning and runs through April 10th.
The local Jersey City program will be administered through the Jersey City Economic Development Corporation (JCEDC), a 501c3 nonprofit.
“We’ve been working to stay ahead of the curve by anticipating our residents’ and business owners’ needs to survive this pandemic not only from a health standpoint, but also economically which could further devastate our community,” said Jersey City Mayor Steven Fulop. “We decided to structure local programs that fully complement the state and federal program so that our local businesses can get a much needed advantage. We are achieving that here with short term grants up to $10,000 per business.”
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— New Jersey (@NJGov) March 28, 2020
The Administration match the $1,000 to$5,000 in state funding being made available to small businesses and nonprofits with a physical storefront.
“The money we match will be used to help withpayroll and provide working capital with the goal of retaining employees,” said Vivian Brady-Phillips, Vice Chair of the JCEDC. “The business owner must certify as to the COVID-19 related need for financial support and be committed to retaining employees.This is key for both businesses and the workers who also live in our community.”
Recognizing the importance early on, Jersey City was the first municipality in the country to announce restrictions on social establishments. As Coronavirus cases continued to rise in the City and throughout the region, the those restrictions grew to include a wider scope of businesses.
“As a city, we believe in small businesses and their contribution to the economy, which is why providing a matching grant program is essential,” said Council President Joyce Watterman. “Small businesses are the backbone of our city, and are among those who need financial help the most right now. This financial boost will really help businesses get back on their feet.”
The application for the NJEDA Small Business Grant program is available at https://cv.business.nj.gov.