$ 135 million more to help small businesses in NJ – here’s how it’s spent

TENAFLY – An additional $ 135 million in federal pandemic stimulus funds will be distributed by the State Economic Development Authority to small businesses, under a bill signed at a Vietnamese restaurant in Bergen County .

Governor Phil Murphy said $ 750 million in COVID funds have been provided to small businesses as a whole, including $ 150 million for food and beverage companies. He said more than 65,000 businesses have received assistance to date.

“This is money we desperately need to get our small businesses back on their feet and back on their feet,” said Murphy.

Here is how the last allocation of money breaks down:

  • Microenterprises: $ 55 million
  • Bars and restaurants: $ 15 million
  • Daycare centers: $ 10 million
  • For-profit arts and culture organizations: $ 10 million
  • Qualifying small businesses and nonprofits: $ 45 million

The bill, S3982 / A5904, was passed unanimously by the Legislative Assembly last month.

“Every dollar we give to a small business goes to a hard-working family, and that’s the bottom line here,” said Assembly Member Gordon Johnson D-Bergen. “Any help they get goes to a hard working family. It is our responsibility, our job to make sure that we support them the best that we can. “

EDA chief executive Tim Sullivan said rules for programs and applications will be developed in the near future.

Murphy said “the economy is recovering” but the highly contagious Delta variant of COVID “poses a risk to this recovery.”

Michael Symons is the State House bureau chief for New Jersey 101.5. Contact him at [email protected].

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