TRENTON, N.J. (August 11, 2021) – The New Jersey Economic Development Authority (NJEDA) Board today approved rules for the Main Street Recovery Program. Created under the Economic Recovery Act of 2020 (ERA), the Main Street Recovery Program is a $100 million small business support program that will fund multiple financial assistance products aimed at supporting the growth and success of small businesses in New Jersey. More information is available at https://www.njeda.gov/main-street-recovery-fund/.

“Supporting small businesses is the centerpiece of Governor Phil Murphy’s plan for a stronger, fairer recovery from the COVID-19 pandemic,” said NJEDA Chief Executive Officer Tim Sullivan. “The Main Street Recovery Program approved today will build on the NJEDA’s successful COVID-19 relief programs to provide new resources tailored specifically to help business owners recover from the impacts of the pandemic and prepare for long-term success.”  

The rules approved today create two grant products funded by the Main Street Recovery Program: the Small Business Lease Assistance Grant and the Small Business Improvement Grant.

The Small Business Lease Assistance Grant is a $10 million program that will provide grants to businesses entering new or amended leases with at least five-year terms that include at least 250 square feet of street-level space. This grant funding will offset a portion of annual lease payments for two years.

The Small Business Improvement Grant is a $15 million program that will provide grants up to $50,000 to reimburse businesses for a portion of costs associated with improvements and/or the purchase or installation of furniture, fixtures, and equipment since March 9, 2020.  

Applications for these programs are currently under development. The NJEDA will announce the application timeline for both programs soon.

In addition to the Small Business Lease Assistance Grant and the Small Business Improvement Grant, the NJEDA intends to pilot additional products to be funded through the Main Street Recovery Program. The Authority anticipates these pilot programs will include financing to help microbusiness lenders provide more low-cost loans and technical assistance for microbusinesses and an expansion of the NJEDA’s existing Micro Business Loan Program through which the Authority will provide low-cost financing directly to eligible microbusinesses.

In line with Governor Murphy’s commitment to a stronger, fairer recovery from the COVID-19 pandemic, 40 percent of all Main Street Recovery Program funds are reserved for businesses located in census tracts that were eligible to be designated as Opportunity Zones. Providing dedicated funding for these census tracts helps to ensure equitable access to resources for communities and businesses that have historically struggled to access resources.

The Main Street Recovery Program is part of a suite of programs created or expanded under the ERA 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.

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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TRENTON, N.J. (July 7, 2021) – The New Jersey Economic Development Authority (NJEDA) today released for public feedback a draft rule proposal for the new Main Street Recovery Finance Program, as established under the New Jersey Economic Recovery Act of 2020 (ERA). The Main Street Recovery Finance Program is a $100 million fund, under which grants, loans, and technical assistance will be made available to support small and micro businesses in New Jersey. The Main Street Recovery Finance Program will not only provide grants directly to businesses, but will also develop pilot programs over time that will provide loans to other micro business lenders like Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs), increasing their lending capacity to support more New Jersey micro businesses.

Members of the public are encouraged to review the preliminary rules and submit written feedback through an online form available on the Economic Recovery Act website. The NJEDA will also be hosting three listening sessions for public input on the draft rules.

“While the COVID-19 pandemic has been challenging for everyone, few have faced tougher challenges than small business owners and their employees,” said NJEDA Chief Executive Officer Tim Sullivan. “The Main Street Recovery Finance Program is an important new program that will provide much-needed financial support and technical assistance to help businesses get back on their feet and prepare for a strong recovery.”

Draft Main Street Recovery Finance Program rules are available now for review at https://www.njeda.gov/economicrecoveryact/program-specific-feedback/.

Members of the public can also provide input during the NJEDA’s public listening sessions, which are scheduled for the following times:

  • Monday, July 12th at 5:00 p.m.
  • Tuesday, July 13th at 2:00 p.m.
  • Thursday, July 15th at 10:00 a.m.

Members of the public can access the listening sessions at https://tinyurl.com/MainStreetListening; Passcode: Main.

Members of the media interested in attending the session or submitting questions are asked to email media@njeda.com.  

In addition to the Main Street Recovery Finance Program, the Economic Recovery Act creates 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.

For more information and to provide written input on the design and implementation of Economic Recovery Act programs, visit https://www.njeda.gov/economicrecoveryact/.

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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TRENTON, N.J. (May 12, 2021) – The New Jersey Economic Development Authority (NJEDA) Board today approved the creation of the Emerge program, a new jobs-based tax credit program created under the Economic Recovery Act (ERA) of 2020. The Emerge program will drive economic development in New Jersey by making tax credits available to projects that invest private capital into the state and create good-paying jobs, with a focus on the State’s priority sectors. As authorized by the ERA, the Board approved rules that will be effective immediately for a short-term duration, enabling the NJEDA to start accepting Emerge program applications in the coming weeks. Concurrently, the Board also approved publishing the rules for public comment prior to adopting longer-term final rules.

The complete rules for the Emerge program, including eligibility, award sizes, and other information, are available at https://www.njeda.gov/emerge.  

“Creating good jobs for New Jerseyans is central to my administration’s efforts to build a stronger, fairer New Jersey. It is even more important as we begin our recovery from the economic devastation of the COVID-19 pandemic,” said Governor Phil Murphy. “The Emerge program is a well-crafted, targeted tax incentive program that will drive job creation and equitable economic growth throughout New Jersey.”

“Supporting projects that bring good jobs to New Jersey is crucial to recovering from the COVID-19 pandemic and achieving Governor Murphy’s vision for a stronger, fairer New Jersey,” said NJEDA Chief Executive Officer Tim Sullivan. “The Emerge program rules approved today will open the door to exciting new economic development projects that will drive growth in communities across New Jersey while also remaining true to our commitments to equity, transparency, and accountability. This is an important step forward that will set New Jersey on the path to long-term, sustainable, and fair economic success.”

The Emerge program is part of the suite of programs created under the ERA to address the ongoing economic impacts of the COVID-19 pandemic and build a stronger, fairer New Jersey economy. The Board action taken today approved special adoption rules for the Emerge program, which will go into effect immediately upon filing with the Office of Administrative Law and will remain in effect for 180 days. During this time, the NJEDA will propose the same rules as long-term rules and undertake the required 60-day public comment process. This dual track approach, authorized by the ERA, will allow the Authority to begin accepting applications in the coming weeks while simultaneously fulfilling the public engagement requirements of the Administrative Procedures Act.

In line with the Murphy Administration’s Executive Order 63 and the NJEDA’s commitment to transparency and accountability, several weeks ago, in anticipation of today’s vote, the NJEDA publicly posted a draft copy of the Emerge program proposed rules and actively sought public feedback. This feedback process included three public listening sessions, an opportunity to submit written overall programmatic comments, and a channel to submit detailed feedback on the proposed rules.

The complete Emerge program rules approved today are available at https://www.njeda.gov/emerge.

Through the Emerge program, small and large businesses, as well as non-profits, can apply for tax credits to support projects that meet minimum capital investment and minimum job creation or retention requirements. Most projects will receive tax credits over a seven year eligibility period, starting after the NJEDA confirms the applicant has completed its investment and hired workers.

Base tax credits will range from $500 to $4,000 per job, per year, depending on location and other aspects of the project. Bonuses are also available based on project location, industry, and alignment with other policy objectives. These bonuses can increase annual per-job credits to a maximum of $8,000 per job. Projects with significant numbers of retained jobs (either 500 or 1,000 jobs depending on the project’s location) can receive tax credits for retained jobs; however, the ERA sets the amount of tax credits for each retained job at half the amount that would be awarded for equivalent new jobs. Jobs that are covered by a labor harmony agreement are eligible for an additional $1,000 bonus over the capped amounts.

To be eligible for tax credits under the Emerge program, projects must create at least 35 new, full-time jobs. This job creation requirement is lower if a business is primarily engaged in a targeted industry or if a business meets the definition of a “small business” in the program rules. Additionally, at least 80 percent of incented employees’ work time must be spent in New Jersey, and the business must commit to stay in the incented location for at least 1.5 times the duration of the tax credit period. Projects may make an equivalent donation to a local Recovery Infrastructure Fund in place of investing in their project’s facility. Some requirements are relaxed for small businesses.

All projects that receive tax credits under the Emerge program must meet minimum environmental standards, meet prevailing wage obligations for all construction workers and building service workers, and provide health care for employees. Projects that have a total cost of $10 million or more are also required to enter into a Community Benefits Agreement with the NJEDA and the municipality or county in which the project is located. These agreements will create a Community Advisory Committee to monitor compliance with the respective agreement.

To ensure a strong return on investment for New Jersey taxpayers, projects that receive tax credits under the Emerge program must yield a minimum net positive economic benefit to the state of 200 to 400 percent depending on project location, and awards will be limited to the amount the NJEDA determines is necessary to induce the project to locate in New Jersey. The NJEDA will also review detailed financial information about the project to verify the award of tax credits is a “material factor” in the decision to create or retain jobs in New Jersey.

The Emerge program is capped with the Aspire program – a separate ERA program designed to catalyze community redevelopment – at $1.1 billion over six years. Any remaining tax credits left after those six years will be available in a seventh year. To ensure the benefits of the program are distributed equitably throughout the state, the Emerge and Aspire program cap is split between northern and southern counties for the first three years of the program.

In addition to the Emerge program, the ERA creates 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. More information about these programs is available at https://njeda.com/economicrecoveryact.

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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Respondents Now Have Until May 17 to Provide Their Ideas

TRENTON, N.J. (April 8, 2021) – The New Jersey Economic Development Authority (NJEDA) today announced that it has extended the deadline for its Request for Information (RFI) soliciting insight into food security challenges faced by communities across the Garden State, including specific obstacles and disparities within communities that are considered “food deserts.” Responses are now due no later than 11:59 p.m. on May 17, 2021. The RFI can be found at https://www.njeda.gov/bidding/#OET.

The NJEDA issued the RFI on March 15 in conjunction with Governor Phil Murphy’s office and the New Jersey departments of Community Affairs (NJDCA) and Agriculture (NJDA), to gather information and ideas regarding the implementation of the Food Desert Relief Act, part of the NJ Economic Recovery Act of 2020 that Governor Murphy signed into law in January 2021.

The Food Desert Relief Act directs the NJEDA to address the food security needs of communities across New Jersey by providing up to $40 million per year for six years in tax credits, loans, grants, and/or technical assistance to increase access to nutritious foods and develop new approaches to alleviate food deserts. The information gathered from this RFI will help inform the creation of a New Jersey-specific definition of food deserts and offer potential solutions to increase the accessibility and affordability of healthy, nutritious foods for all NJ residents.     

In 2018, approximately 775,000 New Jerseyans reported difficulty putting food on their table at some point in the year. That number is now projected to grow by more than 60 percent, to a total of over 1.2 million New Jersey residents (13 percent of all residents) facing food insecurity. According to the Community Food Bank of New Jersey, an estimated 365,000 New Jersey children – approximately one in five children – will experience food insecurity this year, an increase of 75 percent. In addition, a 2018 analysis conducted by the Reinvestment Fund found that nearly 880,000 New Jerseyans had limited access to a supermarket or a grocery store.

In addition to seeking information to better understand the short- and long-term food accessibility challenges faced by communities across New Jersey, this RFI also invites ideas for potential initiatives to increase accessibility and affordability of healthy foods and considerations for the NJEDA and its partner agencies in defining the state’s food desert communities.

The RFI seeks responses from such entities as municipalities and school districts; hunger relief organizations (e.g., food banks); food retailers, producers, processors and suppliers; advocacy organizations; social services providers; supermarket developers and operators; community stakeholders; policy and academic researchers; technical assistance providers; agricultural organizations and farm markets; developers of innovative anti-hunger and nutrition programs; and foundations and philanthropic initiatives that address hunger and food insecurity. 

All RFI responses must be submitted in writing no later than 11:59 PM EST on May 17, 2021, via e-mail to: fooddesertrfi@njeda.com. The subject line of the e-mail should state: “RFI Response-2021-RFI-OET-COVID19-FoodDesert-125”.

The NJEDA is currently soliciting feedback on the New Jersey Economic Recovery Act, including the Food Desert Relief Act. Anyone who wishes provide your comment(s) on the implementation of the package of tax incentive, financing, & grant programs that will be created under the Act should visit https://www.njeda.gov/economicrecoveryact/.


About NJEDA

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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Offers Virtual Listening Sessions and Online Feedback Submission Opportunities 

TRENTON, N.J. (April 1, 2021) – The New Jersey Economic Development Authority (NJEDA) today released a draft of the rules and targeted industry definitions under which the new Emerge business tax incentive program will be administered. Members of the public are encouraged to review the preliminary rules and industry definitions and provide feedback through one of three virtual Public Listening Sessions hosted by the Authority in April, or to submit written feedback through an online form available on the Economic Recovery Act website. The Emerge program is expected to begin accepting applications in late May.  

Emerge is part of the suite of programs created under the Economic Recovery Act of 2020 to address the ongoing economic impacts of the COVID-19 pandemic and build a stronger, fairer New Jersey economy. Emerge will drive job creation by making per-job tax credits available to projects that create good-paying jobs in the State’s priority sectors. To ensure a strong return on investment for taxpayers, projects that receive Emerge credits will need to demonstrate a net positive economic benefit of at least 400 percent in most cases.  

“The New Jersey Economic Recovery Act of 2020 creates a suite of tools to create impactful, long-term, equitable economic growth. Incorporating public input is part of the robust engagement that will help ensure the Emerge program is created and implemented in a transparent manner that considers the needs of all stakeholders and communities and benefits all New Jerseyans,” said NJEDA Chief Executive Officer Tim Sullivan. “Everyone is encouraged to share their ideas and concerns on the rules that will govern programs administered under the Economic Recovery Act.” 

Draft Emerge Program rules are available now for review in advance of the Public Listening Sessions. Please see https://www.njeda.gov/njeda_economic-recovery-act_emege-program-draft-rules-and-industry-definitions_04-01-2020_public/.  

Public Listening Sessions are scheduled for: 

  • Thursday, April 8th, 2021 at 5:00 p.m. 
  • Monday, April 12th, 2021 at 3:00 p.m. 
  • Wednesday, April 14th, 2021 at 3:00 p.m. 

Sessions are expected to last approximately two hours and can be accessed at tinyurl.com/xyr2k65r – Passcode: Emerge. 

Members of the media interested in attending a session or submitting questions are asked to email media@njeda.com. 

Members of the public can also submit written feedback on the Emerge Program through the webpage www.njeda.gov/EconomicRecoveryAct from April 5th through April 16th.   

In addition to Emerge, the Economic Recovery Act creates 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 plans to continue to engage the public as new programs as rules are developed. Members of the public are also encouraged to provide general written input on the new programs via the NJEDA’s online portal.  

For more information and to provide written input on the design and implementation of Economic Recovery Act programs, visit https://www.njeda.gov/economicrecoveryact/. 


About NJEDA 

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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New website provides opportunity for input on new incentives package

TRENTON, N.J. (February 17, 2021) – The New Jersey Economic Development Authority (NJEDA) announced today that it has launched a website to provide information on the recently-signed Economic Recovery Act of 2020 and collect input from the public on the implementation of the package of tax incentive, financing, and grant programs that will be created under the Act.

Governor Phil Murphy signed the Economic Recovery Act into law on January 7, 2021 to address the ongoing economic impacts of the COVID-19 pandemic and build a stronger, fairer New Jersey economy. Programs outlined in the law include 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 New Jersey Economic Recovery Act of 2020 signed by Governor Murphy is critical legislation that creates valuable new tools for driving long-term, equitable economic growth. As we develop these important new programs, we will to do so with a commitment to transparency, equity, and faithful stewardship of taxpayer dollars at the center of this effort,” said NJEDA Chief Executive Officer Tim Sullivan. “We welcome all New Jerseyans to be part of this process by submitting constructive input on how to ensure new programs created through the Economic Recovery Act are structured and administered in a manner that drives opportunities for all residents and communities.”

The portal will allow any member of the public to provide input on how the Authority will operationalize various aspects of the new programs, such program eligibility requirements, net benefit and cost benefit analyses, and community benefit agreements. The site will also allow members of the public to share their thoughts on how NJEDA can make the programs more transparent. This process precedes and is separate from the NJEDA’s formal procedure to adopt short-term rules, which will be effective immediately as authorized under the Economic Recovery Act, and the procedure for long-term rules which will provide another opportunity for comment on rules and regulations for each new program in accordance with the Administrative Procedures Act.

All comments submitted through this portal are subject to New Jersey’s Open Public Records Act.  Visit www.njeda.gov/economicrecoveryact for more information and to submit comments.

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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