Industrial & Economic Development
On Wednesday, January 27, the New Jersey Economic Development Authority (NJEDA) announced it will open pre-registration for Phase 2 of its Small Business Emergency Assistance Loan Program at 9:00 a.m. on Wednesday, February 10, 2021.
The second phase of the Small Business Emergency Assistant Loan Program will make up to $100,000 in low-cost financing available to eligible New Jersey small businesses and nonprofits to help with recovery and reopening efforts as a result of COVID-19. The funding can be used to pay rent or mortgage, payroll, and/or utilities. It can also be used to purchase personal protective equipment (PPE) or COVID-related inventory, furniture, fixtures, or equipment. To promote equity, $3.5 million of the funding will be reserved for businesses in Opportunity Zone-eligible census tracts.
Applicants MUST pre-register in order to apply for the Small Business Emergency Assistance Loan Program. Pre-registration for the Small Business Emergency Assistance Loan Program will open at 9:00 a.m. on February 10, 2021 on the New Jersey COVID Business Information Portal and will remain open until 5:00 p.m. on February 22, 2021.
Only entities that pre-register will then be able to access the program application beginning 9:00 a.m. on February 24, 2021. Program applications will be reviewed on a first-come, first served basis, with priority given to applicants that have received no greater than $10,000 in government assistance from any federal, state or local (county/municipal) assistance program.
For more information, click here.
Paycheck Protection Program (PPP)
Paycheck Protection Program resumed January 11, 2021 at 9am ET
SBA, in consultation with the U.S. Treasury Department, reopened the Paycheck Protection Program (PPP) for First and Second Draw Loans the week of January 11, 2021.
You can apply for a First Draw PPP Loan until March 31, 2021.
CITY COVID-19 EMERGENCY ASSISTANCE
The City of Millville is an Entitlement Community under the US Department of Housing and Urban Development Community Development Block Grant program. The City receives grant funding annually to support the primary objective of Title I of the Housing and Community Development Act of 1974 to develop viable urban communities, in this application particularly, through expanded economic opportunities principally for low-and moderate-income persons.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act authorized additional direct grant funding to Entitlement Communities which was allocated using the same annual formula. The City of Millville received $175,747, of which, $90,747 has been allocated for economic development activities that support small business recovery in response to the Coronavirus pandemic.
- The business must be located within the City of Millville.
- The business must meet the National Objective of benefiting Low-to Moderate Income persons and retain or create at least one permanent job held by such. The applicant will be required to certify and document how the business meets the national objective.
- The selection will not be based on first-come, first-serve, but will be selected based on need, previous profitability, ability to continue operations seamlessly upon reopening, etc.
- All businesses must be willing to participate in a small business needs assessment that includes: the business's current marketing strategies; promotional strategies; etc.
- The applicant must certify that benefits are no duplicated (i.e. funding is allocated for separate uses) by other funding sources.
Use of Funds
- Eligible Expenses include rent, mortgage, utilities, marketing, equipment, payroll, inventory restocking, and general supplies necessary for recovery.
- Maximum award amount of $5,000.
- Funds are to be spent within 6 months of award.
Please click here for information pertaining to additional Federal, State, and other financial assistance opportunities during the COVID-19 crisis.
General COVID-19 information can be found here.