TRENTON, N.J. (July 1, 2020) – Governor Phil Murphy signed Executive Order 159 yesterday, extending the deadline for technology and life sciences companies to apply for the State’s 2020 Technology Business Tax Certificate Transfer Program, better known as the Net Operating Loss (NOL) Program. These companies now have until September 30, 2020 to submit their applications. The application can be found at https://www.njeda.gov/nol.

Through the NOL Program, New Jersey businesses can apply to sell their net operating losses and/or unused research and development (R&D) tax credits in exchange for non-dilutive capital. The deadline for the annual program, which is traditionally June 30, has been extended this year due to the COVID-19 pandemic. The New Jersey Economic Development Authority (NJEDA) works collaboratively with the New Jersey Department of Treasury’s Division of Taxation to administer the program.

Heralded as a lifeline for companies that have not yet reached profitability, the capital raised through this program can be used for costs including, but not limited to, the expenses of fixed assets, such as the construction, acquisition and development of real estate, materials, start-up, tenant fit-out, working capital, salaries, and research and development expenditures.

“New Jersey’s early-stage technology and life sciences businesses will play a critical role as we move into a post-Coronavirus economy and connecting these companies with the funding they need to succeed is one of our top priorities,” said NJEDA Chief Executive Officer Tim Sullivan. “As we continue to find new ways to provide much-needed funding to businesses within New Jersey’s innovation ecosystem, the NOL Program has been a proven mechanism for helping small businesses through their most difficult periods.”   

Over 540 businesses have been approved for more than $1 billion in awards through the NOL Program since its inception in 1999. Last year, 46 companies were approved to share $60 million through the NOL Program, the maximum amount of funding allocated for the program. This was the second year in a row that the program hit its cap.

The NOL Program offers numerous benefits to its participants, including:

  • The funding is non-dilutive, meaning that entrepreneurs do not have to give up equity in their companies to receive the money;
  • Emerging companies can use the funding they receive as working capital, and the businesses to which they sell are able to lower their tax burden;
  • The average historical award is over $1 million;
  • Nearly 90 percent of applicants successfully receive funding;

To participate in this year’s NOL Program, companies must apply online by September 30, 2020. New Jersey state taxes must be filed in order to participate in the program.

For more information on the NOL Program, including frequently asked questions, a complete list of eligibility requirements, and program details, please visit https://www.njeda.gov/nol. Questions about the NOL program may be submitted to nol@njeda.com. 

To learn about the multitude of resources available to help technology and life sciences companies thrive, visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
 

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TRENTON, N.J. (30 de junio de 2020) – Para maximizar el impacto del financiamiento de la ley federal Coronavirus Aid, Relief, and Economic Security (CARES) que otorgaron Ocean, Essex y Passaic Counties, la New Jersey Economic Development Authority (NJEDA) extiende el plazo para que los propietarios de empresas soliciten la Fase 2 del Small Business Emergency Assistance Grant Program (Programa de subsidios para asistencia de emergencia a pequeñas empresas) hasta el 8 de julio de 2020 a las 5:00 de la tarde. Los propietarios de empresas pueden completar la solicitud en https://forms.business.nj.gov/grant-2/.
 
El Small Business Emergency Assistance Grant Program (Programa de subsidios para asistencia de emergencia a pequeñas empresas) otorga subsidios de hasta $10,000 a las pequeñas empresas afectadas por la pandemia del coronavirus. Desde que la NJEDA anunció el programa, Ocean, Essex y Passaic Counties aportaron, cada uno, $10 millones en fondos para la CARES Act para colaborar con los subsidios para las empresas de esos condados específicos. La extensión del plazo garantizará que esos fondos se utilicen al máximo, ya que les dará tiempo adicional a las empresas para que soliciten los subsidios.
 
Las solicitudes para el Small Business Emergency Assistance Grant Program (Programa de subsidios para asistencia de emergencia a pequeñas empresas) están disponibles en https://forms.business.nj.gov/grant-2/. Hay información completa sobre la respuesta de New Jersey ante el coronavirus disponible en https://cv.business.nj.gov.
 
 

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TRENTON, N.J. (June 29, 2020) – To maximize the impact of federal Coronavirus Aid, Relief, and Economic Security (CARES) Act funding contributed by Ocean, Essex, and Passaic Counties, the New Jersey Economic Development Authority (NJEDA) is extending the deadline for business owners to apply for Phase 2 of the Small Business Emergency Assistance Grant Program through July 8th, 2020 at 5:00 p.m. Business owners can apply at https://forms.business.nj.gov/grant-2/.
 
The Small Business Emergency Assistance Grant Program provides grants up to $10,000 to small businesses impacted by the coronavirus pandemic. Since the NJEDA announced the program, Ocean, Essex, and Passaic Counties each contributed $10 million in CARES Act funding to support grants for businesses in those specific counties. The deadline extension will ensure these funds are used to their full potential by providing additional time for businesses to apply for grants.
 
Applications for the Small Business Emergency Assistance Grant Program are available at https://forms.business.nj.gov/grant-2/. Comprehensive information about New Jersey’s coronavirus response is available at https://cv.business.nj.gov.
 
 
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
 
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
 

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TRENTON (June 26, 2020) – The New Jersey Economic Development Authority (NJEDA) today announced it has supported 12 investments totaling more than $700,000 into five small businesses through the newly-created New Jersey Entrepreneur Support Program. These are the first companies to benefit from the program, which is designed to support New Jersey’s COVID-19-impacted small businesses in the Garden State’s innovation ecosystem.

The New Jersey Entrepreneur Support Program is a $5 million program that will create a guarantee to support repayment of an investor loan advanced for working capital purposes and is designed to encourage investors to support businesses within their portfolios. It provides an NJEDA guarantee of up to 80 percent for an eligible new loan or convertible note by a qualified investor into a New Jersey qualified business, not to exceed a $200,000 guarantee per company.

Investors are qualified for the program if they have already provided funding to a New Jersey company through a simple agreement for equity (SAFE), convertible note, or equity investment as of March 9, 2020 (the date of the Governor's Executive Order 103). Participating investors are not required to be New Jersey residents and can include, but are not limited to, individuals, trusts, and corporations. There will be no fees associated with the NJ Entrepreneur Support Program.

“Continued investments into New Jersey’s emerging innovation companies is fundamental to their ability to survive, especially as they seek to weather the financial impacts of COVID-19,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Phil Murphy’s leadership, we’re committed to ensuring that investment dollars don’t stop flowing to all sectors of the innovation economy during this critical period. The New Jersey Entrepreneur Support Program is key to that strategy.”

Roselle Park-based 3D Custom Foods Corp., doing business as Holi Chow, offers an online, customizable, subscription dog food service. The business, which has two employees, works with veterinary nutritionists to create the optimal blend of plant-based superfoods, and uses only freeze-dried raw animal proteins. Holi Chow closed on guarantees on two investments that totaled $50,000 through the New Jersey Entrepreneurship Support Program.

“The Coronavirus pandemic has affected every single industry, including ones as specialized as ours,” said Holi Chow Chief Executive Officer David Kovacs. “Securing funding guaranteed through the New Jersey Entrepreneur Support Program has made a tremendous difference in our ability to offering our products to our customers around the world.” 

Holmdel-based Hope Portal Services, d/b/a Hope Trust, is a technology-based trust company specializing in helping families and their loved ones with special needs. The company’s team of social workers, medical professionals, lawyers and financial experts craft individualized plans for caring for individuals with unique challenges and utilize trust assets to meet the identified trust goals. Hope Trust received a $200,000 investment through the New Jersey Entrepreneur Support Program.

Technology company iSport360, based in Manalapan, has a virtual youth sports platform that has helped coaches, players and parents connect and train during the COVID-19 crisis and as they return to play. iSport 360 received a $25,000 investment through the New Entrepreneur Support Program to help bridge the company to its August Series A.

Ricovr Healthcare Inc., located in Princeton, has developed a biosensor technology platform for saliva-based Point-of-Care medical devices. The technology is meant to be used by a diverse market of customers, including businesses, law enforcement, and the medical community. The patented technology is extremely sensitive and will speed up the testing for drugs-of-abuse and medical diagnostics. Through the New Jersey Entrepreneur Support Program, Ricovr Healthcare, Inc., which has four employees, received $200,000 in investments.  

SunRay Scientific LLC., based in Eatontown, is a global technology company that develops and manufactures cutting edge conductive adhesive materials for miniaturized, flexible electronics. Through the New Jersey Entrepreneur Support Program, the woman-owned company closed on guarantees on five investments totaling $230,000. SunRay Scientific has five employees and is planning for significant growth.

“Investing in startups is risky, and even more so during these volatile times,” Alexander Pavliv, an investor in SunRay Scientific. We’re appreciative that, through its New Jersey Entrepreneur Support Program, the NJEDA is helping us to alleviate a large portion of our risk.”

The NJ Entrepreneur Support Program complements the NJEDA’s existing suite of financial resources for early-stage technology and life sciences businesses. These include the state’s Net Operating Loss Program, expanded Angel Investor Tax Credit Program, NJ Ignite, NJ CoVest Fund, and the Edison Innovation Fund. Entrepreneurs can also benefit from the creation of the New Jersey Chapter of Golden Seeds, which launched last year in partnership with First Lady Tammy Murphy, as well as the incubation and intermediate lab space at the NJEDA’s New Jersey Bioscience Center.

About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
 
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
 

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OCEAN COUNTY se ha asociado con la New Jersey Economic Development Authority (NJEDA) para otorgar $10 millones en subsidios a pequeñas empresas de Ocean County afectadas por la pandemia del coronavirus.
 
“En Ocean County, nos complace poder ofrecer este financiamiento a nuestras empresas”, expresó el director de la Junta de Propietarios de Ocean County, Joseph H. Vicari. “Nuestras pequeñas empresas representan realmente la esencia de nuestras comunidades. Confío en que estos subsidios ofrecerán algo de ayuda a los propietarios de los negocios que se han visto tan negativamente afectados por la pandemia del coronavirus”.
 
“Mediante el trabajo con la NJEDA para gestionar estos subsidios, el proceso será fácil de acceder para los negocios y repartiremos este dinero de manera oportuna para que pueda ser de ayuda en este tiempo tan difícil”, agregó Vicari. “Estos $10 millones en subsidios son exclusivos para los negocios de Ocean County, además de los $45 millones en subsidios de la NJEDA disponibles para todos los negocios del estado”.
 
Los subsidios son parte de la Fase 2 del Small Business Emergency Assistance Grant Program (Programa de subsidios para asistencia de emergencia a pequeñas empresas) de la Autoridad. La Ocean County Board of Chosen Freeholders aprobó un memorándum de acuerdo cuando ingresó a la sociedad el 16 de junio.
 
Ocean County proporcionará los fondos provenientes de la CARES Act federal para que la NJEDA los distribuya únicamente a negocios ubicados en Ocean County. Los propietarios de los negocios pueden solicitar fondos en https://forms.business.nj.gov/grant-2/.
 
“Aprovechar los recursos al máximo es más importante que nunca mientras trabajamos para apoyar la recuperación de los negocios afectados por la COVID-19 de una manera que coincida con las iniciativas del gobernador Phil Murphy para alcanzar una economía de New Jersey que sea más sólida y justa”, indicó el director ejecutivo de la NJEDA, Tim Sullivan. “La adición de los fondos de Ocean County al programa de subsidios de la NJEDA nos ayudará a brindar, de manera oportuna y eficaz, el tan necesario financiamiento a una cantidad considerablemente ampliada de negocios de Ocean County afectados por la COVID”.
 
El programa de subsidios del condado se creó para que los negocios y las organizaciones sin fines de lucro con menos de 25 empleados soliciten el subsidio por orden de llegada. La solicitud está abierta y disponible en https://forms.business.nj.gov/grant-2/. La fecha límite para las solicitudes es el 30 de junio.
 
“Debido a que el turismo y la hotelería representan un porcentaje tan alto de su actividad económica, la comunidad comercial de Ocean County se enfrenta a desafíos únicos”, afirmó Vicari, quien es funcionario de enlace con el desarrollo comercial y del turismo. “La pandemia sacudió primero y con fuerza a estos negocios, y estos subsidios ayudarán a mantenerlos a flote mientras entramos en la activa temporada de verano”.
 
“A diferencia de muchas otras áreas del estado, muchos de nuestros negocios dependen únicamente de la temporada de verano y, en vez de 52 semanas, contarán con 12 semanas”, agregó Vicari. “Los negocios turísticos veraniegos también ayudan a emplear a miles de personas, desde estudiantes secundarios hasta nuestros ancianos”.
 
“Esta Board of Freeholders le agradece al presidente Trump y a la delegación de Ocean County en el Congreso por aprobar el financiamiento de la CARES Act y, por ende, asistir a estos negocios con subsidios”, declaró.
 
La elegibilidad para el programa de subsidios se expandió recientemente para incluir a todos los tipos de organizaciones 501(c) sin fines de lucro y que puedan solicitar fondos en la segunda fase del Small Business Emergency Assistance Grant Program (Programa de subsidios para asistencia de emergencia a pequeñas empresas). Esto incluye organizaciones para veteranos y grupos empresariales e industriales basados en membresía. Solo las organizaciones 501(c)(3), 501(c)(4) y 501(c)(7) eran elegibles en la Fase 1.
 
La NJEDA lanzó la primera etapa del Small Business Emergency Assistance Grant Program (Programa de subsidios para asistencia de emergencia a pequeñas empresas) el 3 de abril con $5 millones en fondos de la NJEDA. Esta fase otorgó subsidios de hasta $5,000 a un subconjunto precisamente seleccionado de negocios que se vieron gravemente afectados por el brote de coronavirus. La Fase 2 del programa proporciona subsidios de hasta $10,000 a una variedad significativamente ampliada de negocios y organizaciones sin fines de lucro con hasta 25 empleados a tiempo completo, incluidas las empresas individuales y los negocios basados en el hogar, que se excluyeron de la Fase 1. Para garantizarles el acceso equitativo a los negocios que están en comunidades económicamente desfavorecidas, se reserva un tercio de los fondos de la Fase 2 para los negocios en distritos censales elegibles como Opportunity Zones (Zonas de Oportunidades).
 
“Quiero alentar a las pequeñas empresas a aprovechar esta oportunidad”, dijo Vicari. “Estamos trabajando para ayudar a nuestras pequeñas empresas que se vieron gravemente afectadas debido a los cierres por coronavirus”.
 
“Su salud económica es la salud económica del condado”, reflexionó Vicari.
 
Vicari comentó que la industria del turismo representa $5,000 millones en Ocean County.
 
“Es uno de nuestros motores económicos más importantes, y nuestras pequeñas empresas son fundamentales para su éxito”, concluyó Vicari.
 
 

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OCEAN COUNTY has partnered with the New Jersey Economic Development Authority (NJEDA) to provide $10 million in grants to small businesses in Ocean County affected by the coronavirus pandemic.

“We are pleased to be able to provide this funding to our businesses here in Ocean County,” said Ocean County Freeholder Director Joseph H. Vicari. “Our small businesses are truly the heart and soul of our communities. I am hopeful these grants can be of some help to the business owners that have been so negatively affected by the coronavirus pandemic.

“By working with the NJEDA to administer these grants, the process will be business friendly and we will get this money dispersed in a timely manner so it will help during these very challenging times,” Vicari said. “This $10 million in grants is exclusive for Ocean County businesses, in addition to the $45 million in grant money available to all state businesses from the NJEDA.”

The grants are part of Phase 2 of the Authority’s Small Business Emergency Assistance Grant Program. The Ocean County Board of Chosen Freeholders approved a Memorandum of Agreement entering into the partnership on June 16. 

Ocean County is providing the funds from the money received through the federal CARES Act with the intent that the NJEDA distribute them only to businesses located in Ocean County. Business owners can apply for funding at https://forms.business.nj.gov/grant-2/.  

“Maximizing resources is more critical than ever as we work to support the recovery of COVID-19 impacted businesses in a manner that aligns with Governor Phil Murphy’s efforts toward achieving a stronger and fairer New Jersey economy,” said NJEDA Chief Executive Officer Tim Sullivan.  “The addition of the Ocean County funds to the NJEDA’s grant program will help us to get much needed funding to vastly more Ocean County COVID-impacted businesses in a timely and efficient manner.”

The county grant program has been established for businesses and non-profits with fewer than 25 employees to apply for the grant, on a first come, first serve basis. The application is live and available at https://forms.business.nj.gov/grant-2/. Applications are due by June 30.

“The Ocean County business community faces some unique challenges related to tourism and hospitality representing such a high percentage of its economic activity,” said Vicari, who is liaison to tourism and business development. “These businesses were hit earliest and hardest by the pandemic and these grants will help to sustain them as we enter the busy summer season.

“Unlike other areas of the state, many of our businesses rely solely on the summer season so instead of 52 weeks our businesses are looking at 12 weeks,” Vicari said. “Summer tourism businesses also help to employ thousands of people from high school students to our seniors.

“This Board of Freeholders thanks President Trump and the Ocean County Congressional delegation for approving the CARES Act funding and as a result for helping these businesses with grants,” he said.

Eligibility for the grant program was recently expanded to include all types of 501(c) non-profit organizations to apply for funding under the second phase of the Small Business Emergency Assistance Grant Program. This includes veterans organizations and membership-based business and industry groups. Only 501(c)(3), 501(c)(4), 501(c)(7) organizations were eligible in Phase 1.

The NJEDA launched the first round of the Small Business Emergency Assistance Grant Program on April 3 with $5 million in NJEDA funds. This phase provided grants up to $5,000 to a precisely targeted subset of businesses that had been hit particularly hard by the Coronavirus outbreak. Phase 2 of the program provides grants up to $10,000 to a significantly expanded variety of businesses and nonprofits with up to 25 full-time employees, including sole proprietorships and home-based businesses, which were excluded from Phase 1. To ensure equitable access for businesses in economically disadvantaged communities, one-third of Phase 2 funding is reserved for businesses in census tracts that were eligible to be designated as Opportunity Zones.

“I want to encourage our small businesses to take advantage of this opportunity,” Vicari said. “We are working to help our small businesses that have been dramatically impacted financially by closures from the coronavirus.
“Their economic health is the county's economic health,” Vicari said.

Vicari said tourism is a $5 billion business in Ocean County.

“It’s one of our biggest economic engines and our small businesses play an integral role in its success,” Vicari said.
 
 

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TRENTON, N.J. (19 de junio de 2020). La New Jersey Economic Development Authority (NJEDA) se asociará con Essex County para otorgar $10 millones en subsidios para los negocios de Essex County mediante la Fase 2 del Small Business Emergency Assistance Grant Program (Programa de subsidios para asistencia de emergencia a pequeñas empresas) de la Autoridad. Essex County proporcionará los fondos que se distribuirán solo entre los negocios ubicados allí. Los propietarios de los negocios pueden solicitar fondos en https://forms.business.nj.gov/grant-2/. 

“Los pequeños negocios son la base de nuestra economía local, y las organizaciones sin fines de lucro ofrecen una red de seguridad de servicios sociales esencial para nuestros residentes. Ambos se vieron gravemente afectados por el coronavirus y necesitan nuestra ayuda para sobrevivir económicamente”, afirmó Joseph DiVincenzo. “A través de nuestra sociedad con la NJEDA, pondremos subsidios a disposición para ayudar a que los pequeños negocios y las organizaciones sin fines de lucro resistan este sacudón sin precedentes. La primera fase de los subsidios que otorgó el estado fue un enorme estímulo para los negocios. Aún existe una gran necesidad y los subsidios adicionales que proporcionan Essex y el estado ayudarán a incluir a una mayor cantidad de negocios y organizaciones sin fines de lucro”, añadió.
 
Essex County contribuirá con $10 millones de fondos federales de la CARES Act que se otorgarán a los negocios y las organizaciones sin fines de lucro ubicadas allí mediante la Fase 2 del Small Business Emergency Assistance Grant Program (Programa de subsidios para asistencia de emergencia a pequeñas empresas) de la NJEDA. Los negocios pueden utilizar la financiación por subsidio para reemplazar los ingresos que interrumpió la pandemia de la COVID-19, pero no pueden utilizarlos para gastos en capital, como la construcción.
 
El Small Business Emergency Assistance Grant Program (Programa de subsidios para asistencia de emergencia a pequeñas empresas) de la NJEDA utiliza los fondos del Fondo de Ayuda por Coronavirus federal para ayudar a los pequeños negocios y las organizaciones sin fines de lucro en todo New Jersey. Durante la Fase 2 del programa, la NJEDA utilizará cinco millones de dólares de fondos federales para financiar las solicitudes colocadas en lista de espera de la Fase 1 del Programa de subsidios, mientras que los $45 millones restantes se destinarán a los solicitantes de la Fase 2 por orden de llegada. La solicitud está disponible en https://forms.business.nj.gov/grant-2/.
 
“Mediante la sociedad con Essex County, ampliaremos nuestro alcance mientras avanzamos a la siguiente etapa de la ayuda para los propietarios de los negocios y sus empleados durante estos tiempos sin precedentes”, expresó el director ejecutivo de la NJEDA, Tim Sullivan. “El brote de COVID-19 sacó a la luz muchas desigualdades subyacentes, y la NJEDA se compromete a otorgar financiación por subsidio de acuerdo con la visión del gobernador Phil Murphy para una economía estatal más sólida y más justa”.
 
La NJEDA lanzó la primera etapa del Small Business Emergency Assistance Grant Program (Programa de subsidios para asistencia de emergencia a pequeñas empresas) el 3 de abril con $5 millones en fondos de la NJEDA. Esta fase otorgó subsidios de hasta $5,000 a un subconjunto precisamente seleccionado de negocios que se vieron gravemente afectados por el brote de coronavirus. La Fase 2 del programa proporciona subsidios de hasta $10,000 a una variedad significativamente ampliada de negocios y organizaciones sin fines de lucro con hasta 25 empleados a tiempo completo, incluidas las empresas individuales y los negocios basados en el hogar, que se excluyeron de la Fase 1. Para garantizarles el acceso equitativo a los negocios que están en comunidades económicamente desfavorecidas, se reservan $15 millones de la Fase 2 para los negocios en distritos censales elegibles como Opportunity Zones (Zonas de Oportunidades).
  
Hay información completa sobre la respuesta de New Jersey ante el coronavirus disponible en https://cv.business.nj.gov.

Acerca de la New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) funciona como la principal agencia del Estado para impulsar el crecimiento económico. La NJEDA está comprometida a hacer de New Jersey un modelo nacional de desarrollo económico inclusivo y sostenible centrándose en las estrategias fundamentales para ayudar a desarrollar comunidades más fuertes y dinámicas, generar buenos puestos de trabajos para los residentes de New Jersey y ofrecer vías para una economía más sólida y justa.
 
Para obtener más información sobre los recursos de la NJEDA para empresas, llame a Atención al Cliente de NJEDA al 609-858-6767 o visite https://www.njeda.gov y siga a @NewJerseyEDA en Facebook, Twitter y LinkedIn.

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TRENTON, N.J. (19 de junio de 2020) – La New Jersey Economic Development Authority (NJEDA) se asociará con Passaic County para otorgar $10 millones en subsidios para los negocios de Passaic County mediante la Fase 2 del Small Business Emergency Assistance Grant Program (Programa de subsidios para asistencia de emergencia a pequeñas empresas) de la Autoridad. Passaic County proporcionará los fondos que se distribuirán solo entre los negocios ubicados en Passaic County. Los propietarios de los negocios pueden solicitar fondos en https://forms.business.nj.gov/grant-2/.  
 
“La NJEDA y Passaic County comparten el compromiso del gobernador Phil Murphy de obtener financiamiento para que los pequeños negocios se recuperen de manera rápida y efectiva. Además, nos comprometemos a garantizar que los fondos se dirijan a los negocios que más lo necesiten”, expresó el director ejecutivo de la NJEDA, Tim Sullivan. “El brote de COVID-19 presentó desafíos sin precedentes para todos los negocios, pero los datos indican que afectó con mayor gravedad a los negocios que son propiedad de minorías y de mujeres. Nuestra colaboración con el condado maximizará nuestros recursos colectivos para asistir a los negocios que necesiten ayuda para recuperarse de esta crisis. Al mismo tiempo, nos acercará a la visión del gobernador Murphy de una economía de New Jersey más sólida y más justa”.
 
El programa de $10 millones en subsidios asignado a los negocios y las organizaciones de Passaic County forma parte de la Fase 2 del Small Business Emergency Assistance Grant Program (Programa de subsidios para asistencia de emergencia a pequeñas empresas) de la NJEDA. El programa de subsidios del condado permitirá que los negocios y las organizaciones sin fines de lucro con menos de 25 empleados soliciten el subsidio por orden de llegada. La solicitud está abierta y disponible en https://forms.business.nj.gov/grant-2/. Las solicitudes se pueden presentar hasta el 30 de junio de 2020.
 
“Passaic County es reconocido como uno de los condados más diversos del estado, lo que abarca a nuestros negocios y organizaciones locales. Esta pandemia afectó a muchos de nuestros emprendedores locales y organizaciones comunitarias”, expresó la directora de la Junta de Propietarios, Sandi Lazzara. “Además de incrementar los recursos como pruebas y asistencia alimentaria, la Junta de Propietarios del condado se asegurará de que nuestros negocios y agencias de servicios sociales locales reciban la ayuda que necesiten durante estos tiempos difíciles”.
   
La NJEDA lanzó la primera etapa del Small Business Emergency Assistance Grant Program (Programa de subsidios para asistencia de emergencia a pequeñas empresas) el 3 de abril con $5 millones en fondos de la NJEDA. Esta fase otorgó subsidios de hasta $5,000 a un subconjunto precisamente seleccionado de negocios que se vieron gravemente afectados por el brote de coronavirus. La Fase 2 del programa proporciona subsidios de hasta $10,000 a una variedad significativamente ampliada de negocios y organizaciones sin fines de lucro con hasta 25 empleados a tiempo completo, incluidas las empresas individuales y los negocios basados en el hogar, que se excluyeron de la Fase 1. Para garantizarles el acceso equitativo a los negocios que están en comunidades económicamente desfavorecidas, se reservan $15 millones de la Fase 2 para los negocios en distritos censales elegibles como Opportunity Zones (Zonas de Oportunidades).
 
“Nuestros residentes dependen de muchos de los servicios y recursos que ofrecen a diario nuestros negocios y organizaciones locales. Nuestra sociedad con la NJEDA permitirá garantizar que nuestros pequeños negocios y agencias de apoyo obtengan los fondos para seguir brindando servicios a nuestros residentes y nuestras familias”, agregó la directora de la Junta de Propietarios, Lazzara.
  
Hay información completa sobre la respuesta de New Jersey ante el coronavirus disponible en https://cv.business.nj.gov.
 
 
Para leer el plan económico completo del gobernador Murphy, visite https://nj.gov/economicplan.
 
Acerca de la New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) funciona como la principal agencia del Estado para impulsar el crecimiento económico. La NJEDA está comprometida a hacer de New Jersey un modelo nacional de desarrollo económico inclusivo y sostenible centrándose en las estrategias fundamentales para ayudar a desarrollar comunidades más fuertes y dinámicas, generar buenos puestos de trabajos para los residentes de New Jersey y ofrecer vías para una economía más sólida y justa.
 
Para obtener más información sobre los recursos de la NJEDA para empresas, llame a Atención al Cliente de NJEDA al 609-858-6767 o visite https://www.njeda.gov y siga a @NewJerseyEDA en Facebook, Twitter y LinkedIn.

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14 Early-Stage Companies Selected to Benefit from Program

TRENTON, N.J. (June 18, 2020) – The New Jersey Commission on Science, Innovation and Technology (CSIT) announced today that 14 early-stage companies will receive funding through the New Jersey Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Support Program. The $400,000 grant program is designed to enhance New Jersey’s innovation economy by providing technical and financial support to New Jersey small businesses pursuing, or participating in, the federal SBIR/STTR program.

“New Jersey has all the ingredients to lead the nation in innovation and supporting young companies from their earliest stages is essential to achieving that goal,” CSIT Chairman Gunjan Doshi said. “Alleviating some of the financial burdens these companies face as they compete for SBIR and STTR grants is critical to strengthening their competitiveness in the marketplace. This has always been the case and is even more significant as our economy begins to re-emerge and re-open from the COVID-19 pandemic.”

The federal SBIR and STTR grant program provides more than $3 billion each year to small businesses in a variety of research areas that propose innovative ideas that meet specific federal research and development (R&D) needs. The SBIR program enables small businesses to explore their technological potential and provides the incentive to profit from its commercialization. The STTR program funds cooperative R&D partnerships between small businesses and research institutions such as universities, federal R&D centers, or non-profits. The programs are open to U.S.-based, for-profit small businesses with fewer than 500 employees.

“Several of the companies selected to receive funding are working on technologies that are directly related to addressing health, economic and societal challenges caused by the COVID19 pandemic,” CSIT Executive Director Judith Sheft said. “Since March, New Jersey’s innovation ecosystem has been at the forefront in the fight against the virus. The SBIR/STTR funding will help early-stage companies strengthen their position in the marketplace as they work toward commercializing potentially life-saving and life-enhancing therapies and technologies.”

The New Jersey SBIR/STTR Support Program provides direct grant funding for businesses that are currently part of the federal SBIR/STTR program.

The New Jersey SBIR/STTR Support Program offers $400,000 in matching grants to New Jersey small businesses that have been successful in the federal SBIR/STTR program. During this round of the Program, CSIT is awarding $25,000 matching grants for general business operating costs to twelve businesses that have received a federal Phase I SBIR/STTR award and $50,000 bridge funding grants to two NJ small businesses that have successfully completed Phase I and have applied for Phase II of the federal SBIR/STTR program.
“Providing the resources that enable businesses to collaborate with governmental agencies and New Jersey’s world-class academic institutions as they grow has two key benefits — increasing each company’s competitiveness and bolstering the Garden State’s vibrant life sciences community,” said Debbie Hart, President and Chief Executive Officer of BioNJ and CSIT Vice Chair.

Phase 1 winners:

  1. Bezwada Biomedical LLC (Somerset County)
  2. Bright Cloud International Corporation (Middlesex County)
  3. Cascade Biotechnology, Inc. (Middlesex County)
  4. Cloud Juncxion Inc. (Somerset County)
  5. GreenBlu Inc. (Mercer County)
  6. Nangio Tx Inc. (Essex County)
  7. Oculomotor Technologies (Essex County)
  8. Plumeria Therapeutics (Mercer County)
  9. Prokaryotics (Union County)
  10. Spreadsheet Labs Manual (Gloucester County)
  11. Twinleaf LLC (Middlesex County)
  12. Viocare, Inc. (Mercer County)

Phase 2 winners:

  1. Chiral Photonics Inc. (Morris County)
  2. Visikol, Inc. (Hunterdon County)  

 
“What we hear time and again from members of the technology and life sciences community is the need for capital for early-stage businesses to fuel their growth,” said Assemblyman Andrew Zwicker, who chairs the Assembly Science Innovation and Technology Committee. “Today we have taken an important step to ensure that these 14 New Jersey early stage companies have the funding they need to succeed.”

“Early-stage technology and life sciences often struggle to secure funding and the COVID-19 pandemic has made fundraising even harder,” said State Senator Robert Singer. “It is imperative that we, as a state, provide the necessary tools for our innovation economy to thrive, even in these adverse times.”

In addition to Assemblyman Zwicker and Senator Singer, Senator Paul Sarlo and Assemblyman Christopher DePhillips are members of the bi-partisan Commission, which also includes representatives from the public and private sectors, as well as academia.
 

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TRENTON, N.J. (June 18, 2020) – The New Jersey Economic Development Authority (NJEDA) is partnering with Passaic County to award $10 million in grants to Passaic County businesses through Phase 2 of the Authority’s Small Business Emergency Assistance Grant Program. Passaic County is providing the funds and they will be distributed only to businesses located in Passaic County. Business owners can apply for funding at https://forms.business.nj.gov/grant-2/.   
 
“The NJEDA and Passaic County share Governor Phil Murphy’s commitment to getting funding to recovering small businesses quickly and efficiently. We are also committed to ensuring funding goes to businesses that need it the most,” said NJEDA CEO Tim Sullivan. “The COVID-19 outbreak created unprecedented challenges for all businesses, but the data shows it hit minority- and women-owned businesses particularly hard. Our collaboration with the County will maximize our collective resources to assist businesses that need help recovering from this crisis while bringing us closer to Governor Murphy’s vision of a stronger and fairer New Jersey economy.”
 
The $10 million grant program allocated for Passaic County businesses and organizations is part of Phase 2 of the NJEDA’s Small Business Emergency Assistance Grant Program. The county grant program will allow businesses and non-profits with fewer than 25 employees to apply for the grant, on a first come, first serve basis. The application is live and available at https://forms.business.nj.gov/grant-2/. Applications are due June 30th, 2020.
 
“Passaic County is known for being one of the most diverse counties in the state, and this extends into our local businesses and organizations. This pandemic has taken a toll on so many of our local entrepreneurs and grass roots organizations,” stated Freeholder Director Sandi Lazzara. “In addition to increasing resources like testing and food assistance, the county freeholder board is making sure our local businesses and social service agencies are given the support they need in these difficult times.”
    
The NJEDA launched the first round of the Small Business Emergency Assistance Grant Program on April 3 with $5 million in NJEDA funds.  This phase provided grants up to $5,000 to a precisely targeted subset of businesses that had been hit particularly hard by the Coronavirus outbreak. Phase 2 of the program provides grants up to $10,000 to a significantly expanded variety of businesses and nonprofits with up to 25 full-time employees, including sole proprietorships and home-based businesses, which were excluded from Phase 1. To ensure equitable access for businesses in economically disadvantaged communities, $15 million of Phase 2 funding is reserved for businesses in census tracts that were eligible to be designated as Opportunity Zones.
 
“Our residents rely on many of the services and resources that our local businesses and organizations offer on a daily basis. Our partnership with the NJEDA will help make sure that our small businesses and support agencies have funding to keep serving our residents and families,” stated Freeholder Director Lazzara.
  
Comprehensive information about New Jersey’s coronavirus response is available at https://cv.business.nj.gov.
 
To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan
 
About the New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
 
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
 

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