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New Jersey Governor Phil Murphy Signs Bill to Give SMEs a $ 135 Million Boost in a Pandemic

Tenafly, NJ (WABC)-Governor Phil Murphy has signed a bill to further boost small businesses struggling in a pandemic.

In fact, he signed the bill at the Simply Vietnamese restaurant in Tenafly, a small business.

The bill will provide $ 135 million to SMEs throughout the state and will be managed by the Department of Economic Development as part of the Phase IV Emergency Grant Program and the NJ Community Stage Relief Grant Program.

“SMEs in New Jersey are suffering from the economic aftermath of COVID-19, so we continue to promise to provide them with the resources they need to recover,” said Governor Phil Murphy. I did. “Working with federal-level partners, EDA and other sectors have provided more than $ 300 million to the SME community as they move out of the pandemic.”

“The $ 135 million additional COVID-19 bailout fund enacted today will be a lifeline for SMEs to reopen and return to full capacity. For restaurants, arts and culture organizations, and child care providers. The funds raised have the resources needed to fully recover for companies heavily affected by the pandemic, as the Governor’s focus is on ensuring a fair and comprehensive allocation of resources. We can get closer to a stronger and fairer New Jersey economy, “says Tim Sullivan. NJEDA Chief Executive Officer.

In the Senate, the bill was sponsored by Senators Dawn Marie Adiego and Linda Greenstein. In Congress, the bill was sponsored by Congress members Gordon Johnson, Vince Masseo, and Andrew Zwicker.

“The last year and a half has been financially difficult for many New Jersey families, businesses, and organizations serving our community,” said Gordon Johnson. “It’s time to get back on track. This federal allocation of funding will help New Jersey do just that.”

Most of the funding is managed by NJEDA and helps to fund all eligible Phase IV applications. To date, EDA has allocated more than $ 650 million in aid to tens of thousands of SMEs throughout the state.

The breakdown of $ 135 million in today’s law is as follows:
-Microenterprise: $ 55 million
-Bars and restaurants: $ 15 million

-Childcare facility: $ 10 million
-Commercial arts and cultural organizations: $ 10 million
-Target SMEs and nonprofits: $ 45 million

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New Jersey Governor Phil Murphy Signs Bill to Give SMEs a $ 135 Million Boost in a Pandemic

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