Pre-registration for the Emergency Loan Phase 2 program will open on 20 July.

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The New Jersey Economic Development Administration (NJEDA) announced that pre-registrations for the Small Business Emergency Loan Program (Phase 2) will open at 9:00 am ET on Tuesday, July 20. The Emergency Loan Program provides funding of up to $ 100,000. small businesses and non-profit organizations in New Jersey. All candidates must pre-register to be eligible to apply. More information is available on the website https://business.nj.gov/covid/emergency-assistance-loan-program

“As we recover from the COVID-19 pandemic, it is important that we continue to provide business owners with the resources they need to resume work and prosper,” said NJEDA CEO Tim Sullivan. “With the leadership of Governor Murphy and the support of the New Jersey Congressional delegation, we received federal funds to support Phase 2 of the Small Business Emergency Loan Program, which will provide much-needed funding to New Jersey businesses with a focus on growing businesses that have been phased out. previous COVID-19 assistance programs. “

In March 2020, NJEDA launched the Small Business Emergency Loan Program to provide funding to small businesses affected by the COVID-19 pandemic. To date, NJEDA has approved 145 loans totaling over $ 10 million.

The Small Business Emergency Loan Program (Phase 2), funded by the United States Economic Development Agency (USEDA) under the Relief, Relief, and Economic Security Act (CARES), provides additional funding for New Jersey businesses and nonprofits, specifically focus focus on organizations that have taken over new space in 2021. Companies with annual revenues of US $ 10 million or less that entered into a new lease, leased additional space, or acquired owner-occupied commercial space of at least 500 square feet in January or after January 1, 2021 will have priority as Phase 1 candidates and will have exclusive early access to the application.

Pre-registration for the Small Business Emergency Loan Program (Phase 2) will be open from 9:00 am EST on Tuesday July 20 until 5:00 pm EST on Friday 30 July. All businesses must pre-register within this period. to be eligible to apply for a loan. Pre-registration is not done on a first come, first served basis.

Following the pre-registration period, applications will open to “Stage 1” applicants at 9:00 AM on Tuesday, August 3rd. If NJEDA does not receive enough applications from Phase 1 candidates within this time frame to exhaust the funding available, the Authority will open applications to all other qualified individuals at 3:00 PM EST on Friday, August 13th.

For more information on the Small Business Emergency Loan Program (Phase 2), visit https://business.nj.gov/covid/emergency-assistance-loan-program

The Small Business Emergency Loan Program is part of New Jersey’s COVID-19 Relief Program. Comprehensive information on the New Jersey coronavirus response is available at https://business.nj.gov/covid

To access other business news, visit NJB News Now

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