Business impacted by COVID-19 get NJEDA support through multiple initiatives. Impacted businesses will be eligible for a wide variety of support at both the Federal and State levels, including disaster loans from the Small Business Administration. Businesses need to plan now and map out their next few months while also looking ahead to potential structuring changes as the State and the country gain more visibility into what will become the “New Normal”.
“The New Jersey Economic Development Authority (NJEDA) Board today approved a suite of new programs designed to support businesses and workers facing economic hardship due to the outbreak of the novel coronavirus COVID-19. The package of initiatives includes a grant program for small businesses, a zero-interest loan program for mid-size companies, support for private-sector lenders and Community Development Financial Institutions (CDFIs), funding for entrepreneurs, and a variety of resources providing technical support and marketplace information. Taken together, they will provide more than $75 million of State and private financial support, with the opportunity to grow to more than $100 million if additional philanthropic, State, and federal resources become available. The initiatives will support between 3,000 and 5,000 small and midsize enterprises and are meant to complement recently announced federal economic recovery initiatives.”
Read: NJEDA Announces New Initiatives to Support Businesses Impacted by COVID-19 at New Jersey Technology Council
Shared by Geoffrey G. Gussis, Esq., a business lawyer and technology lawyer licensed in New Jersey and New York. Learn more about me, the legal services I provide, and articles I have written. Contact: email@example.com or (732) 898-0549 or (646) 389-2946 for a free consultation.
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