Another $135M to help NJ small businesses – here’s how it’s spent
TENAFLY – Another $135 million in federal pandemic recovery funds will be distributed by the state Economic Development Authority to small businesses, under a bill signed into law at a Vietnamese restaurant in Bergen County.
Gov. Phil Murphy said $750 million in COVID funds have been provided for small businesses overall, including $150 million for food and beverage businesses. He said more than 65,000 businesses have gotten help to date.
“This is desperately needed money to get our small businesses back on their feet and get them back up punching at their weight,” Murphy said.
Here’s how the latest allocation of money breaks down:
- Microbusinesses: $55 million
- Bars and restaurants: $15 million
- Childcare facilities: $10 million
- For-profit arts and culture organizations: $10 million
- Eligible small businesses and nonprofit organizations: $45 million
The bill, S3982/A5904, passed unanimously in the Legislature last month.
“Every dollar we give to a small business is going to a hardworking family, and that’s the bottom line right here,” said Assemblyman Gordon Johnson, D-Bergen. “Any assistance they get is going to a hardworking family. It’s our responsibility, our job to ensure that we support them the best we can.”
EDA chief executive officer Tim Sullivan said rules for the programs and applications will be developed in the near future.
Murphy said “the economy is snapping back” but that COVID’s highly contagious Delta variant “is a risk to that recovery.”
Michael Symons is State House bureau chief for New Jersey 101.5. Contact him at firstname.lastname@example.org.