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“In line with Governor Phil Murphy’s vision to build a stronger and fairer economy, the PMTC Program is an investment in our communities and in our small businesses as we continue to recover from the COVID-19 pandemic,” said NJEDA Chief Executive Officer Tim Sullivan. “This program is designed to encourage PPE manufacturing here in New Jersey, which will help create new manufacturing jobs, protect New Jerseyans’ health, and increase economic benefits to the State by generating economic activity and providing more local sources of PPE goods.”
The PMTC Program provides per-job tax credits to PPE manufacturing projects in New Jersey that have made or make investments in 2020, 2021, or 2022. Projects can receive up to a maximum of $500,000 in tax credits per year in which they make qualified investments.
Eligibility for the PMTC Program and bonus tax credits are based on the project location, the size of the capital investment being made in PPE production, the size of the facility being used, and other criteria. Comprehensive eligibility and bonus criteria can be found at https://www.njeda.gov/ppe.
All projects that receive tax credits through the PMTC Program must comply with the NJEDA’s standard Affirmative Action and Prevailing Wage requirements. Since applications must be submitted after a project is complete, potential applicants must ensure they plan ahead and pay Prevailing Wage for all work done on the projects to maintain eligibility for the program. For projects that are already underway, the Prevailing Wage requirements will only apply to work done after the proposed rules are filed with the Office of Administrative Law.
Applications for the PMTC Program will open in the coming months. For immediate questions and to sign up for notifications of the PMTC Program launch, email PPEmanufacturingtaxcredit@NJEDA.com.
In addition to the PPE Manufacturing Tax Credit program, the Economic Recovery Act creates and expands a suite of programs that includes tax credits to incentivize job creation, new construction, and revitalization of brownfields and historic properties; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. The NJEDA will continue to engage the public as new programs and rules are developed.
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.
TRENTON, N.J. (26 de julio de 2021) – La Autoridad para el desarrollo económico de New Jersey (NJEDA, por sus siglas en inglés) anunció hoy el Programa de subsidios para la asistencia de escenarios de la comunidad de New Jersey. El programa de $17.5 millones proporcionará subsidios de hasta $300,000 a establecimientos con fines de lucro elegibles que presentan al menos dos actuaciones o eventos en vivo por semana. Puede encontrar más información sobre el programa en https://business.nj.gov/covid/covid-relief-venues.
“De Count Basie y Springsteen a Sinatra y Queen Latifah, New Jersey tiene una larga y rica historia de apoyo a los artistas y los lugares donde se conectan con sus admiradores. La pandemia de COVID-19 afectó duramente a las empresas de espectáculos, y ahora que podemos comenzar a reabrir de manera segura es fundamental que las ayudemos a recuperarse”, manifestó el Director Ejecutivo de la NJEDA, Tim Sullivan. “El Programa de subsidios para la asistencia de escenarios de la comunidad de New Jersey, junto con el programa para establecimientos sin fines de lucro del Consejo de las Artes del Estado de New Jersey, proporcionará el financiamiento tan necesario para ayudar a los establecimientos de espectáculos a recuperarse del impacto de COVID-19 y volver a presentar los espectáculos que ayudan a que New Jersey sea un lugar tan vibrante y emocionante para vivir.”
La industria de las artes y la cultura ha experimentado importantes dificultades debido a la pandemia. Esto incluye establecimientos que presentan actuaciones o eventos en vivo y las empresas que organizan, promocionan, producen y gestionan eventos en vivo. Para abordar este impacto, el Gobernador Phil Murphy asignó $17.5 millones de los fondos del Fondo de ayuda por Coronavirus (CRF, por sus siglas en inglés) y el Plan de rescate estadounidense (ARP, por sus siglas en inglés) a la NJEDA para apoyar a las organizaciones del arte y la cultura. Esto se suma a los $7.5 millones en fondos de subsidio para centros de arte sin fines de lucro otorgados por el Consejo de las Artes del Estado de New Jersey.
El Programa de subsidios para la asistencia de escenarios de la comunidad de New Jersey anunció hoy que usará $17.5 millones asignados a la NJEDA para proporcionar subsidios a los establecimientos que califiquen por un monto equivalente al 30% de la reducción de sus ingresos de 2019 a 2020, hasta una concesión máxima de financiamiento de $300,000.
El Programa de subsidios para la asistencia de escenarios de la comunidad de New Jersey solo está abierto para establecimientos sin fines de lucro con códigos NAICS en las artes o empresas que obtienen el 50% o más de sus ingresos operativos de la organización, presentación, promoción, producción o gestión de música o actuaciones en vivo.
A fin de concentrar los fondos en las empresas del arte y la cultura de la comunidad duramente afectadas y trabajar para alcanzar las metas del Gobernador Murphy y la Vicegobernadora Sheila Y. Oliver de inversión en las diversas comunidades de New Jersey, los establecimientos que cumplan con uno de los criterios de elegibilidad de base también deben poder demostrar:
Tener un aforo de 2,500 o menos.
Presentar al menos dos actuaciones en vivo por semana.
Recaudar tarifas de entradas o vender boletos para los eventos.
Pagar a los artistas por el evento.
Y tener una pérdida operativa del 25% o mayor entre el segundo trimestre del 2019 y el segundo trimestre del 2020.
La NJEDA anticipa la apertura de solicitudes para el programa de subsidios para la asistencia de escenarios de la comunidad de New Jersey en agosto. Se aceptarán solicitudes en el orden en que se reciban, según la fecha y la hora en las que la Autoridad reciba la solicitud.
En línea con el compromiso del Gobernador Murphy por una recuperación más sólida y más justa, el 33% de los fondos totales disponibles para el Programa de subsidios para la asistencia de escenarios de la comunidad de New Jersey se destinará a apoyar a establecimientos que tengan una dirección comercial en un área censal elegible como Zona de oportunidad de New Jersey.
En https://business.nj.gov/covid/covid-relief-venues se encuentra disponible información completa sobre los requisitos de elegibilidad y documentación para el programa de subsidios para la asistencia de escenarios de la comunidad de New Jersey.
Obtenga más información sobre los programas de New Jersey de respuesta ante la COVID-19 y otros programas para empresas afectadas por la COVID-19 en https://business.nj.gov/covid.
Acerca de la Autoridad para el desarrollo económico de New Jersey
Para obtener más información acerca de los recursos de la NJEDA para empresas, llame a la línea de atención al cliente de NJEDA al 609-858-6767 o visite https://www.njeda.gov y siga a @NewJerseyEDA enFacebook, Twitter, Instagramy LinkedIn.
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TRENTON, N.J. (July 21, 2021) – The New Jersey Economic Development Authority (NJEDA) today announced the New Jersey Community Stage Relief Grant Program. The $17.5 million program will provide grants of up to $300,000 to eligible for-profit establishments that host at least two regularly occurring live performances or events per week. More information about the program is available at https://business.nj.gov/covid/covid-relief-venues.
“From Count Basie and Springsteen to Sinatra and Queen Latifah, New Jersey has a long and rich history of supporting performing artists and the venues where they connect with their fans. The COVID-19 pandemic hit performing arts businesses particularly hard, and now that we are able to begin safely reopening it is critical that we help them get back on their feet,” said NJEDA Chief Executive Officer Tim Sullivan. “The New Jersey Community Stage Relief Grant Program, along with the New Jersey Council on the Arts program for nonprofit establishments, will provide much-needed funding to help performing arts venues recover from the impact of COVID-19 and get back to hosting the shows that help make New Jersey such a vibrant, exciting place to live.”
The arts and culture industry has seen major disruption as a result of the pandemic. This includes venues that host live performances or events and the businesses that organize, promote, produce, and manage these live events. To address this impact, Governor Phil Murphy allocated $17.5 million of Coronavirus Relief Fund (CRF) and American Rescue Plan (ARP) funding to the NJEDA to support arts and culture organizations. This is in addition to $7.5 million in grant funding for nonprofit arts venues awarded by the New Jersey State Council on the Arts.
The New Jersey Community Stage Relief Grant Program announced today will use the $17.5 million allocated to the NJEDA to provide grants equal to 30 percent of a qualified establishment’s decline in operating revenue from 2019 to 2020, up to a maximum grant award of $300,000.
The New Jersey Community Stage Relief Grant Program is only open to for-profit establishments with arts focused NAICS Codes or businesses that make 50 percent or more of their operating revenue from the organization, hosting, promotion, production, or management of live music or performances.
In order to focus funding on hard hit community-based arts and culture businesses and work towards Governor Murphy and Lieutenant Governor Sheila Y. Oliver’s goals of investment in New Jersey’s diverse communities, establishments that meet one of the baseline eligibility criteria must also be able to demonstrate that they:
Have a venue capacity of 2,500 or less;
Host at least two live performances per week;
Collect admission fees or sell tickets for events;
Pay artists for performing at their events; and
Experienced a 25 percent or greater operating loss between Q2 2019 and Q2 2020.
The NJEDA anticipates opening applications for the New Jersey Community Stage Relief Grant Program in August. Applications will be accepted on a first-come, first-served basis, based on the date and time at which the Authority receives the application.
In line with Governor Murphy’s commitment to a stronger, fairer recovery from the COVID-19 pandemic, 33 percent of total funding available for the New Jersey Community Stage Relief Grant Program will be set aside to support establishments that have a commercial business address in a census tract that was eligible to be selected as a New Jersey Opportunity Zone.
Comprehensive information about the eligibility and document requirements for the New Jersey Community Stage Relief Grant Program is available at https://business.nj.gov/covid/covid-relief-venues.
Learn more about New Jersey’s COVID-19 response and other programs for businesses impacted by COVID-19 at https://business.nj.gov/covid.
About the New Jersey Economic Development Authority
TRENTON, N.J. (20 de julio de 2021) – La Autoridad para el desarrollo económico de New Jersey (NJEDA, por sus siglas en inglés) abrió la preinscripción para la Fase 2 del Programa de préstamos de asistencia de emergencia para pequeñas empresas como parte de los esfuerzos continuos de reparación y recuperación del gobernador Phil Murphy durante COVID-19. Este programa de préstamos ofrece financiamiento de hasta $100,000 con 0% de interés a las pequeñas empresas y organizaciones sin fines de lucro elegibles de New Jersey. Todas las entidades deben preinscribirse antes de las 5:00 p.m. EDT del viernes 30 de julio de 2021 para ser elegibles para aplicar para el préstamo. La preinscripción no es por orden de llegada.
La NJEDA creó el Programa de préstamos de asistencia de emergencia para pequeñas empresas en marzo de 2020 para ofrecer financiamiento a pequeñas empresas afectadas por la pandemia de COVID-19. Hasta la fecha, la NJEDA aprobó 145 préstamos por un total combinado de más de $10 millones.
Financiada por una asignación de la Ley de Ayuda, Alivio y Seguridad Económica por Coronavirus (CARES, por sus siglas en inglés) de la Administración para el Desarrollo Económico de los Estados Unidos (USEDA, por sus siglas en inglés), la Fase 2 del Programa de préstamos de asistencia de emergencia para pequeñas empresas ofrece financiamiento adicional a pequeñas empresas y organizaciones sin fines de lucro, con un enfoque particular en entidades que han ocupado nuevo espacio en 2021. Las empresas con ingresos anuales de $10 millones o menos que hayan ejecutado un nuevo contrato de alquiler, alquilado espacio adicional o adquirido espacio comercial ocupado por el propietario de al menos 500 pies cuadrados a partir del 1 de enero de 2021 se priorizarán como solicitantes de la Fase 1 y tendrán acceso temprano exclusivo a la aplicación. Las entidades que cumplan con todos los criterios de elegibilidad, pero no cumplan con el criterio de nuevo contrato de alquiler, alquiler de espacio adicional o adquisición de espacio comercial ocupado por el propietario serán elegibles para aplicar como solicitantes de la Fase 2.
La preinscripción para la Fase 2 del Programa de préstamos de asistencia de emergencia para pequeñas empresas se iniciará a las 9:00 a. m. EDT del martes 20 de julio de 2021 hasta las 5:00 p.m. EDT del viernes 30 de julio de 2021. Todas las empresas y organizaciones sin fines de lucro deben preinscribirse en este período para luego poder aplicar. La preinscripción no es por orden de llegada.
Después del período de preinscripción, las aplicaciones para solicitantes de la Fase 1 abrirán a las 9:00 a.m. EDT del martes 3 de agosto de 2021. Los solicitantes de la Fase 1 podrán aplicar sólo durante 10 días. Si la NJEDA no recibe suficientes aplicaciones de solicitantes de la Fase 1 durante este período para asignar todos los fondos disponibles, la Autoridad abrirá la ventana de aplicaciones a todas las demás entidades elegibles para la Fase 2 a las 3:00 p.m. EDT del viernes 13 de agosto de 2021.
El Programa de préstamos de asistencia de emergencia para pequeñas empresas es parte del conjunto de programas de ayuda por COVID-19 de New Jersey. Encontrará información completa sobre la respuesta de New Jersey al coronavirus en https://business.nj.gov/covid.
Acerca de la Autoridad para el desarrollo económico de New Jersey
Para obtener más información acerca de los recursos de la NJEDA para empresas, llame a la línea de atención al cliente de NJEDA al 609-858-6767 o visite https://www.njeda.gov y siga a @NewJerseyEDA enFacebook, Twitter, Instagramy LinkedIn.
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TRENTON, N.J. (July 20, 2021) – Today at 9:00 a.m. EDT, the New Jersey Economic Development Authority (NJEDA) will open pre-registration for Phase 2 of the Small Business Emergency Assistance Loan Program as part of Governor Phil Murphy’s ongoing COVID-19 relief and recovery efforts. This loan program provides financing of up to $100,000 at 0% interest to eligible New Jersey small businesses and nonprofits. All entities must pre-register before 5:00 p.m. EDT on Friday, July 30, 2021 to be eligible to apply for the loan. Pre-registration is not first come, first served.
The NJEDA created the Small Business Emergency Assistance Loan Program in March of 2020 to make financing available to small businesses impacted by the COVID-19 pandemic. To date, the NJEDA has approved 145 loans for a combined total of more than $10 million.
Funded by a United States Economic Development Administration (USEDA) Coronavirus Aid, Relief, and Economic Security (CARES) Act appropriation, Phase 2 of the Small Business Emergency Assistance Loan Program makes additional financing available to New Jersey businesses and nonprofits, with a particular focus on entities that have taken on new space in 2021. Businesses with $10 million or less in annual revenue that have executed a new lease, leased additional space, or acquired an owner-occupied commercial space of at least 500 square feet on or after January 1, 2021, will be prioritized as “Stage 1” applicants and have exclusive, early access to the application. Entities that meet all other eligibility criteria but do not meet the new lease, additional leased space, or acquired owner-occupied commercial space criteria will be eligible to apply as “Stage 2” applicants.
Pre-registration for Phase 2 of the Small Business Emergency Assistance Loan Program will be open from 9:00 a.m. EDT today, Tuesday, July 20, 2021, to 5:00 p.m. EDT on Friday, July 30, 2021. All businesses and nonprofits must pre-register during this window to be eligible to apply for loans. Pre-registration is not first-come, first-served.
Following the pre-registration period, applications will open for “Stage 1” applicants at 9:00 a.m. EDT on Tuesday, August 3, 2021. Applications will remain open for Stage 1 applicants only for 10 days. If the NJEDA does not receive sufficient applications from Stage 1 applicants during this time period to exhaust the available funding, the Authority will open applications to all other qualified “Stage 2” entities at 3:00 p.m. EDT on Friday, August 13, 2021.
The Small Business Emergency Assistance Loan Program is part of New Jersey’s suite of COVID-19 relief programs. Comprehensive information about New Jersey’s coronavirus response is available at https://business.nj.gov/covid.
About the New Jersey Economic Development Authority
If you spend some time reading the popular press on the state of the economy, you’ll likely come away with a simple story: the economy is booming as everything re-opens and pent-up demand from the past year gets filled, but constraining economic growth are shortages of goods and labor, which is causing prices to spike. Thus, the economy is running too hot for supply to keep up, and the Federal Reserve needs to raise interest rates to slow the economy and the rate of inflation.
Oh, if it were all so easy. In this story, it’s all about supply not being able to keep up with demand, so we just need some recalibration. The ongoing strength of demand is given.
The full story is, like usual, much more complex. This economic recovery is far from complete, and if policy makers do not continue to focus on supporting demand, the rebound could falter at a time when labor demand remains uneven. Policymakers in New Jersey understand this, which is why we continue to roll out programs that focus funds and other supports to areas of the economy still in need, such as the Main Street Recovery Finance Program, which is launching later this year.
To see how the economic recovery remains incomplete, it’s important to understand that a principle reason the economy is currently booming is an unprecedented and ephemeral surge in fiscal stimulus to households. Once this fiscal stimulus and its effects start to wane, the economy will slow markedly.
The following three charts demonstrate this outlook. Figure 1 shows the level of personal income in New Jersey. It has spiked in recent quarters, leading to a surge in consumer spending, as depicted in Figure 2. The reason for these spikes, as depicted in Figure 3, is largely about fiscal stimulus — money transferred from the federal government to households. As this chart shows, place of work income, which is income coming from jobs or business ownership, has rebounded smartly from its COVID low, but remains well below its pre-COVID trend. Federal government transfer payments – things like unemployment insurance and direct payments from the federal government to households (stimulus checks) – have spiked. Whereas government transfers to the New Jersey household sector averaged around $87 billion in 2019, they have averaged $158 billion in the four quarters through 2021:Q1. That’s an 11 percent jolt to the average New Jersey pre-tax income. In sum, COVID has been a boon to many households’ incomes.
Fig 1 – New Jersey Personal Income Through Q1 of 2021
Source: Bureau of Economic Analysis
Fig 2 – Consumer Spending in New Jersey, by Zip Code Groups
Source: Affinity, Opportunity Insight
s
Fig 3 – Major Sources of New Jersey Personal Income Through Q1 of 2021
Source: Bureau of Economic Analysis
Given these surges in stimulus-led NJ household income, it’s no wonder consumer spending and GDP have shot up, putting stress on supply. But fiscal surges like these do not make for a complete economic recovery. The reason why is easy to see: unless the surge in stimulus continues unabated or income rises to offset the drop in stimulus flow, demand will likely slow once the stimulus retracts. And one thing we know – the stimulus flow to households is now retracting as unemployment insurance benefits and stimulus payments to households are stopping.
Although household income from place of work is rising, it remains below its pre-COVID trend. There are two reasons for weaker income level we’d like to highlight. One, as depicted in Figure 4, is the level of employment for low-wage jobs remains depressed. The ex-stimulus economy looks very tenuous for these workers.
The other is, despite the jump in job openings signaling increased demand for labor, the level of layoffs remains relatively high. This is shown in Figure 5, which depicts microdata for New Jersey households detailing the reasons why people state they are unemployed.
There are a host of reasons a person would be classified as unemployed; it’s not just about being laid off from a job. Anyone who is not currently employed but is looking to be employed is considered unemployed. This includes new entrants into the labor market, such as a recent college grad or a person who had left the labor market and now is re-entering the market, and job quitters – people who chose to leave a job in search of a new one. Even job losses differ by whether they are the results of temporary layoffs or permanent layoffs. An example of a temporary layoff is a manufacturer who closes a factory for a month to re-tool that factory. The workers in that factory would be considered temporarily laid off and would likely reclaim their positions once the factory reopens.
A look at Figure 5 reveals a somewhat concerning trend – at a high and increasing rate, New Jersey residents cite permanent layoffs as the reason for being unemployed. This is unusual for an economic rebound. Normally, when the US economy is growing out of a recession, a rising share of unemployment is for re-entrants to the labor market and a falling share of unemployment is for permanent layoffs, as we can see in the period from 2010 through 2014. Although the re-entrant share is currently rising, it is doing so at a very slow clip. Meanwhile, the share of layoffs is still rising. This suggests net labor demand is not as strong as the standard press story would have us believe.
Fig 5 – Reasons for Being Unemployed
Source: IPUMS-CPS, University of Minnesota, www.ipums.org, NJEDA Calculations
This picture of the labor market is further supported by the current level of initial claims for unemployment insurance. As shown in Figure 6, the level of claims remains around 1.5 times higher than it was pre-pandemic, which signals that, despite the surge in economic activity, the rate of layoffs remains elevated.
Fig 6 – Initial Claims for Unemployment Insurance Remain Elevated
Source: Bureau of Labor Statistics, NJEDA Calculations
In sum, despite the recent surge in economic activity and jump in job openings, the economic outlook for many households remains unclear. This is why New Jersey’s government continues to focus on policies that will provide support to households and small businesses and enable the state’s economy to keep growing as it continues to adjust to the COVID shock.
NJ Commercial Real Estate Update
Industrial CRE
The industrial market in New Jersey proved itself nearly invulnerable to the economic shock from COVID. In Northern New Jersey, Q3 of 2020 saw the highest quarterly net absorption figure in more than a decade,[1] and Southern New Jersey saw the highest leasing activity within the Philadelphia MSA over the past 12 months.[2]
At the beginning of 2020, statewide vacancy was an extremely low 3.7 percent, and during 2020, vacancy increased at most just 0.2 percent. Currently, the statewide vacancy rate rests at 3.6 percent.
Rents increased as well, indicating increased demand relative to limited supply for industrial space. In Q1 2020, overall triple-net average rent was $7.65 per sq. ft. By the end of 2020, it increased to $8.00 per sq. ft, and it currently stands at over $9 per sq. ft.
The pandemic has not been kind to office markets across the world, and New Jersey is no exception. As seen in the graph below, vacancy increased to a level not seen since CoStar started tracking the market in New Jersey.
NJ Office Vacancy Rate
Net absorption[3] also saw a historic decline. Fourth quarter 2020 brought the lowest net absorption on record, and net absorption in every quarter from Q3 2020 to YTD 2021 has been sharply negative.
NJ Office Net Absorption
A rebound in the office sector will depend on a number of factors, such as vaccination rates and school re-openings. But the sector will have to contend with more companies allowing more work-from-home, which may cause a permanent contraction of office space leasing. However, a number of recent surveys indicate many employees are looking forward to being back in the office, which is good news for the sector in New Jersey. Most likely, many office tenants will adopt a hybrid work model that will dictate future square footage requirements for office tenants.
Along with office, New Jersey’s retail market was certainly negatively impacted by the COVID pandemic. Net absorption for retail space statewide in Q3 2020 declined to the second lowest level ever in CoStar’s history. However, net absorption rebounded solidly in the fourth quarter of 2020, and CoStar’s analysts are forecasting net absorption will be positive starting in 2022 after seeing minimal negative absorption through 2021.
In addition, vacancy rates increased but perhaps not as drastically as initially feared. From Q2 2020 to now, statewide vacancy increased from around 4.3 percent to 5.3 percent. This reversed the trend of the previous two years, but the ills befalling retail establishments in New Jersey were not as drastic as those for office. This is likely due to people’s desire to continue visiting brick and mortar establishments, especially in light of increased vaccination rates, falling case rates, and the resultant elimination of state restrictions.
With New Jersey’s economy moving closer to being fully re-opened, now is a good time to examine how international trade flows are faring in the aftermath of the COVID shock. At the beginning of the month, U.S.A Trade Online published trade figures through April, 2021, which marks one year from the lowest point of total exports during the pandemic when exports from New Jersey fell 29%.
It wasn’t until November 2020 that exports returned to its previous value of $3.4 billion. Since that time, exports in New Jersey have been posting consistently strong growth, with an average monthly growth rate of 2.6 percent, which is considerably stronger than the 0.1 percent m/m rate in 2019.
In fact, Not only are we seeing a consistent increase in exports, but New Jersey is also outperforming the United States, which is averaging 1.9 percent m/m since November, 2020. Thus, New Jersey’s ranking has increased post-pandemic, from 14th largest exporting state in 2019 to 8th largest exporting state so far in 2021.
While there are still many uncertainties in the long run, the newest figures for trade prove to be optimistic for New Jersey’s future in the international landscape.
[1] CoStar_Northern New Jersey – NJ Industrial market report 2021
[3] Net Absorption: For existing buildings, the measure of total square feet occupied less the total space vacated over a given period of time.
TRENTON, N.J. (8 de julio de 2021) – La Autoridad para el desarrollo económico de New Jersey (NJEDA, por sus siglas en inglés) ayer anunció que abrirá el proceso de preinscripción del Programa de préstamos de emergencia para pequeñas empresas (Fase 2) el martes 20 de julio de 2021 a las 9:00 a. m. EST. El Programa de préstamos de emergencia proporciona hasta $100,000 en financiamiento a bajo costo para pequeñas empresas y organizaciones sin fines de lucro de New Jersey. Todos los solicitantes deben preinscribirse para luego poder aplicar. Puede encontrar más información en https://business.nj.gov/covid/emergency-assistance-loan-program.
“A medida que avanzamos en la recuperación de la pandemia de COVID-19, es esencial que sigamos proporcionando los recursos que los propietarios de empresas necesitan para reabrir y tener éxito”, expresó el Director Ejecutivo de la NJEDA, Tim Sullivan. “Gracias al liderazgo del gobernador Murphy y a la representación de la delegación de congresistas de New Jersey, recibimos fondos federales para respaldar la Fase 2 del Programa de préstamos de emergencia para pequeñas empresas que pondrá a disposición el tan necesario financiamiento que las empresas de New Jersey necesitan, con un enfoque en las empresas en crecimiento no incluidas en los programas anteriores de ayuda por la COVID-19”.
La NJEDA creó el Programa de préstamos de emergencia para pequeñas empresas en marzo de 2020 para ofrecer financiamiento de bajo costo a pequeñas empresas afectadas por la pandemia de COVID-19. Hasta la fecha, la NJEDA aprobó 145 préstamos por un total combinado de más de $10 millones.
Capitalizada por la asignación de la Ley de Ayuda, Alivio y Seguridad Económica por Coronavirus (CARES, por sus siglas en inglés) de la Administración para el Desarrollo Económico de los Estados Unidos (USEDA, por sus siglas en inglés), el Programa de préstamos de emergencia para pequeñas empresas (Fase 2) ofrece financiamiento adicional para empresas y organizaciones sin fines de lucro de New Jersey, con un enfoque particular en entidades que han alquilado o adquirido nuevo espacio en 2021. Las empresas con ingresos anuales de $10 millones o menos que hayan contratado un nuevo alquiler, alquilado espacio adicional o adquirido espacio comercial ocupado por el propietario de al menos 500 pies cuadrados a partir del 1 de enero de 2021 se priorizarán como solicitantes de “Fase 1” y tendrán acceso temprano exclusivo a la aplicación.
La preinscripción para el Programa de préstamos de emergencia para pequeñas empresas (Fase 2) se iniciará el martes 20 de julio de 2021 a las 9:00 a. m. EST y se extenderá hasta el viernes 30 de julio de 2021 a las 5:00 p.m. EST. Todas las empresas deben preinscribirse en este período para luego poder aplicar. La preinscripción no es por orden de llegada.
Después del período de preinscripción, se empezarán a recibir aplicaciones para solicitantes de la “Fase 1” el martes 3 de agosto de 2021 a las 9:00 a.m. Si la NJEDA no recibe suficientes aplicaciones de solicitantes de la Fase 1 durante este período para asignar todos los fondos disponibles, la Autoridad volverá a aceptar aplicaciones de todas las demás entidades elegibles el viernes 13 de agosto de 2021 a las 3:00 p.m. EST.
El Programa de préstamos de emergencia para pequeñas empresas es parte del conjunto de programas de ayuda por la COVID-19 de New Jersey. Encontrará información completa sobre la respuesta de New Jersey al coronavirus en https://business.nj.gov/covid.
Acerca de la Autoridad para el desarrollo económico de New Jersey
Para obtener más información acerca de los recursos de la NJEDA para empresas, llame a la línea de atención al cliente de NJEDA al 609-858-6767 o visite https://www.njeda.gov y siga a @NewJerseyEDA en Facebook, Twitter, Instagramy LinkedIn.
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TRENTON, N.J. (July 7, 2021) – The New Jersey Economic Development Authority (NJEDA) today announced pre-registration for the Small Business Emergency Assistance Loan Program (Phase 2) will open at 9:00 a.m. EST on Tuesday, July 20, 2021. The Emergency Assistance Loan Program provides up to $100,000 in financing to New Jersey small businesses and nonprofits. All applicants must pre-register to be eligible to apply. More information is available at https://business.nj.gov/covid/emergency-assistance-loan-program.
“As we move into recovery from the COVID-19 pandemic, it is essential that we continue to provide the resources business owners need to reopen and thrive,” said NJEDA Chief Executive Officer Tim Sullivan. “Thanks to Governor Murphy’s leadership and advocacy by New Jersey’s Congressional delegation, we have received federal funds to support Phase 2 of the Small Business Emergency Assistance Loan Program, which will make much-needed financing available to New Jersey businesses with a focus on growing businesses that have been left out of previous COVID-19 relief programs.”
The NJEDA created the Small Business Emergency Assistance Loan Program in March of 2020 to make financing available to small businesses impacted by the COVID-19 pandemic. To date, the NJEDA has approved 145 loans for a combined total of more than $10 million.
Capitalized by a United States Economic Development Administration (USEDA) Coronavirus Aid, Relief, and Economic Security (CARES) Act appropriation, the Small Business Emergency Assistance Loan Program (Phase 2) makes additional financing available to New Jersey businesses and nonprofits, with a particular focus on entities that have taken on new space in 2021. Businesses with $10 million or less in annual revenue that have executed a new lease, leased additional space, or acquired an owner-occupied commercial space of at least 500 square feet on or after January 1, 2021 will be prioritized as “Stage 1” applicants and have exclusive, early access to the application.
Pre-registration for the Small Business Emergency Assistance Loan Program (Phase 2) will be open from 9:00 a.m. EST on Tuesday, July 20, 2021 to 5:00 p.m. EST on Friday, July 30, 2021. All businesses must pre-register during this window to be eligible to apply for loans. Pre-registration is not first-come, first-served.
Following the pre-registration period, applications will open for “Stage 1” applicants at 9:00 a.m. on Tuesday, August 3, 2021. If the NJEDA does not receive sufficient applications from Stage 1 applicants during this time period to exhaust the available funding, the Authority will open applications to all other qualified entities at 3:00 p.m. EST on Friday, August 13, 2021.
The Small Business Emergency Assistance Loan Program is part of New Jersey’s suite of COVID-19 relief programs. Comprehensive information about New Jersey’s coronavirus response is available at https://business.nj.gov/covid.
About the New Jersey Economic Development Authority
New $10 Million Funding Phase Builds on Initial $14 Million that is Supporting the Purchase of 1.5 Million Meals from 340+ Restaurants
TRENTON, N.J. (June 23, 2021) – The New Jersey Economic Development Authority (NJEDA) today announced that it will open applications for a new round of Sustain and Serve NJ funding next week. The NJEDA’s Sustain and Serve NJ program provides eligible entities with grants of between $100,000 to $2 million to support the purchase of meals from New Jersey-based restaurants that have been negatively impacted by COVID-19. The NJEDA will award up to $10 million in total funding through Phase 2 of the program. Applications will open June 28, 2021 and close July 18, 2021. The application will be available at https://business.nj.gov/covid/eligibility-for-sustain-and-serve.
The funding for Phase 2 of Sustain and Serve NJ will be provided as part of a $235 million suite of COVID relief passed by the New Jersey Legislature this spring and signed into law by Governor Phil Murphy earlier this week to help small businesses affected by the pandemic.
Through the first phase of Sustain and Serve NJ grants announced in February, the NJEDA awarded more than $14 million to 28 organizations across the state, which will result in the purchase of more than 1.5 million meals from more than 340 participating restaurants.
“Restaurants are the heartbeat of local communities and their success is absolutely essential to our economic recovery from the COVID-19 pandemic,” said NJEDA Chief Executive Officer Tim Sullivan. “The second phase of Sustain and Serve NJ will expand upon the enormous impact that the program has already had on restaurants in the Garden State. Thanks to action taken by Governor Phil Murphy and the New Jersey Legislature, this program will now be able to help even more restaurants keep their doors open and their employees paid as they recover from the economic and health impact of COVID-19.”
This latest phase of Sustain and Serve NJ will make up to $10 million in state funding available to for-profit and non-profit organizations in New Jersey. Eligible organizations will receive grants of between $100,000 and $2 million for bulk purchases of meals from New Jersey-based restaurants. The entities will then distribute the meals at no cost.
The program is open to entities that are legally registered to do business in New Jersey and are in good standing with the NJDOL and the New Jersey Division of Taxation, including 501(c) non-profit organizations. Grant applicants will be required to demonstrate prior bulk purchases of 3,000 or more meals valued at $50,000 or more from New Jersey-based restaurants since March 9, 2020. Complete eligibility requirements can be found at https://business.nj.gov/covid. Current grantees of the Sustain and Serve NJ program are eligible to apply for additional funds.
While restaurants may not directly apply for Sustain and Serve NJ grants, those interested in providing meals through the program may opt to have their information posted publicly on the NJ COVID-19 Business Information Hub at https://forms.business.nj.gov/ssnj/restaurants/or by completing the Sustain and Serve NJ Restaurant Interest Form available at https://forms.business.nj.gov/ssnj/restaurants/interest/. Restaurants may also contact an entity with an established bulk meal purchasing and distribution program to discuss potential participation. A list of current Sustain and Serve NJ grantees can be found here. Potential grant applicants may choose to refer to this registry and contact restaurants about participating in the Sustain and Serve NJ program, though inclusion on the list is not an endorsement from the NJEDA as to eligibility for Sustain and Serve NJ.
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, Instagram, and LinkedIn.
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El programa actualizado va dirigido a empresas que hayan contratado nuevo espacio en 2021
TRENTON, N.J. (9 de junio de 2021) – La Junta de la Autoridad para el desarrollo económico de New Jersey (NJEDA) anunció hoy una actualización a la Fase 2 del Programa de préstamos de emergencia para pequeñas empresas. El programa proporcionará hasta $100,000 en financiamiento de bajo costo a pequeñas empresas y organizaciones sin fines de lucro de New Jersey con prioridad a entidades que han contratado nuevo espacio, hecho la transición a empresa con sede en el hogar o de un espacio más pequeño a un espacio más grande, o que hayan adquirido un espacio comercial ocupado por el propietario. Puede encontrar más información sobre el programa en https://business.nj.gov/covid/emergency-assistance-loan-program.
“A medida que avanzamos en la recuperación de la pandemia del COVID-19, es esencial que continuemos proporcionando los recursos que los propietarios de empresas necesitan para reabrir y tener éxito”, dijo el Director Ejecutivo de la NJEDA Tim Sullivan. “Las mejoras a la Fase 2 del Programa de préstamos de emergencia a pequeñas empresas aprobado hoy pondrá a disposición el tan necesario financiamiento que las empresas de New Jersey necesitan, con un enfoque en las empresas en crecimiento no incluidas en los programas previos de ayuda por el COVID-19.”
La NJEDA creó el Programa de préstamos de emergencia para pequeñas empresas en marzo de 2020 para poner financiamiento de bajo costo a disposición de pequeñas empresas afectadas por la pandemia del COVID-19. Hasta la fecha, la NJEDA ha aprobado 145 préstamos por un total combinado de más de $10 millones.
Capitalizado por la asignación de la Ley de Ayuda, Alivio y Seguridad Económica por Coronavirus (CARES, por sus siglas en inglés) de la Administración para el Desarrollo Económico de los Estados Unidos (USEDA, por sus siglas en inglés), la Fase 2 del Programa de préstamos de emergencia para pequeñas empresas pone financiamiento adicional disponible para pequeñas empresas y organizaciones sin fines de lucro, con un enfoque particular en entidades que han alquilado o adquirido nuevo espacio en 2021.
Las empresas con $10 millones o menos de ingresos anuales que hayan contratado un nuevo alquiler, alquilado espacio adicional o adquirido espacio comercial ocupado por el propietario de al menos 500 pies cuadrados en o antes del 1 de enero de 2021 se priorizarán como solicitantes de “Fase 1” y tendrán una ventana de solicitud exclusiva, después de la cual todas las empresas elegibles podrán aplicar.
Para garantizar el procesamiento oportuno de las solicitudes, la NJEDA está implementando un proceso de solicitud de dos pasos para la Fase 2 del Programa de préstamos de emergencia para pequeñas empresas. Las empresas y organizaciones sin fines de lucro interesadas en solicitar préstamos deben primero registrarse previamente para el programa. Luego del período de registro previo, las solicitudes se abrirán a los solicitantes de “Fase 1” durante un período de diez días, después del cual la Autoridad abrirá las solicitudes a todas las demás entidades que reúnen los requisitos en función de la disponibilidad de los fondos.
La NJEDA anticipa abrir el período de registro previo a partir de julio de 2021 y las fechas y plazos específicos se publicarán en https://business.nj.gov/covid/emergency-assistance-loan-program. Todas las empresas deben completar el registro previo durante el período de registro previo para ser elegibles para presentar su solicitud durante la Fase 2 del programa de préstamos.
El Programa de préstamos de emergencia para pequeñas empresas es parte del conjunto de programas de ayuda por el COVID-19 de New Jersey. Puede encontrar información completa sobre la respuesta de New Jersey al coronavirus en https://business.nj.gov/covid.
Acerca de la Autoridad para el desarrollo económico de New Jersey
Para obtener más información acerca de los recursos de la NJEDA para empresas, llame a la línea de atención al cliente de NJEDA al 609-858-6767 o visite https://www.njeda.gov y siga a @NewJerseyEDA enFacebook, Twitter, Instagramy LinkedIn.
