New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) today announced Phase 4 of the Authority’s Small Business Emergency Assistance Grant Program, adding $85 million in funds from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Phase 4 will provide short-term operating support to a broad group of New Jersey small and medium sized businesses and non-profits that have been negatively impacted during the declared state of emergency. More information is available here.
Interested business owners will need to pre-register here to access the application. Pre-registration will begin on Monday, April 19, 2021 at 9:00 a.m. and will close on April 29, 2021 at 5:00 p.m. The application will be available via a phased approach following the end of the pre-registration period. Applicants must complete the full application to be considered for grant funding
On April 20, 2021 at 12 p.m. the counties of Bergen, Hudson and Passaic will be hosting a webinar discussing NJEDA Phase 4 Small Business Grants. To register click here.
U.S. Small Business Administration
Relief for the Restaurant Industry — The Restaurant Revitalization Act (RRA)
The ARPA provides $28.6 billion in grants designed to support the recovery of small and medium-sized food and beverage businesses. The grants will be awarded by the SBA, and individual businesses are eligible to receive up to $5 million in grants, while businesses with up to 20 locations are eligible for a maximum of $10 million.
Eligibility Information
·     Any restaurant is eligible if it’s considered a place where the public or patrons can gather for the primary purpose of being served food or drink.
·     Businesses that are not eligible include
·     State or local government-operated businesses
·     Businesses, that as of March 13, 2020, own or operate more than 20 locations
·     Publicly traded companies
·     Businesses with a pending application for or have received a grant as part of the “Save our Stages Act.”
Eligible Expenses
·     Payroll costs
·     Rent payments
·     Utilities
·     Maintenance expenses (including the construction of outdoor seating and wall, floors, deck surfaces, furniture, fixtures, and equipment)
·     Supplies, food, and beverage expenses that are within the scope of normal business practice
·     Operational expenses
·     Paid sick leave
·     Covered supplier costs and covered operational expenditures (as defined by the SBA under the PPP program)
·     Any other expenses deemed essential by the SBA.
For an initial 21-day period, the SBA will prioritize awarding grants for small business concerns owned and controlled by women, veterans, or socially and economically disadvantaged small business concerns.
Covered Period
·     Eligible expenses are those incurred from February 15, 2020, to December 31, 2021, or a date determined by the SBA. If all grant funds are not spent by the business, or the business permanently closes before the end of the covered period, the business must return unused funds to the Treasury.
·     The updated coverage period for the Restaurant Revitalization Grant Fund may be extended by 14 months to March 2023.
Application Process
·     Details on how to apply have not yet been made available by SBA.
·     To apply for a grant, businesses must make a “good faith certification” that the uncertainty of current economic conditions make it necessary for them to request a grant to support their ongoing operations and that they have not applied for or received any grants that are part of the Save our Stages Act
How to Prepare to Apply
1.  Register in
2.  Create a user account
3.  Work with your accountant to prepare paperwork that shows your gross revenue loss in 2020 as compared to 2019.
To learn more click here.
For a webinar breaking down this information click here.
For an FAQ created by the National Restaurant Association click here.
Source: National Restaurant Association.
Paycheck Protection Program Information
The U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) is open. The program has been extended to May 31, 2021.
This round of PPP will continue to prioritize Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses.
To learn more click here.
How to Apply:
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program
To be matched with a lender click here.
If you wish to begin preparing your application, you can download the following PPP borrower application forms to see the information that will be requested from you when you apply with a lender:
Resources Available to Help with Application Process:
New Jersey Community Capital has partnered with Customers Bank to offer PPP loans to eligible small businesses through the SmartBiz application platform. To learn more click here. To view the document checklist for first-time borrowers click here. To view the document checklist for returning borrowers click here.
Lakeland Bank also has educational videos posted on their website to help with the online application process. To view click here.
M&T Bank has educational videos posted on their website to help first-time borrowers and returning borrowers.
To view a list of organizations working with the HCEDC to provide assistance to Hudson businesses on the PPP program, click here. Or contact us at and we will help you get the assistance you need.