Mercer: Pre-registration opens July 20 for the Small Business Emergency Loan Program (Phase 2)

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Pre-registration to open July 20 for small businesses
Emergency Assistance Loan Program (Phase 2)

The New Jersey Economic Development Authority will open pre-registration for the Small Business Emergency Assistance Loan (Phase 2) program, which provides up to $ 100,000 in funding to small businesses and nonprofits in New Jersey. Jersey who were negatively affected by the COVID-19 pandemic, at 9 a.m. on Tuesday, July 20. All applicants must register in advance in order to apply.

The state has allocated a total of $ 10 million to this program, including $ 3.5 million earmarked for entities located in one of the 715 census tracts eligible for the zone of opportunity designation. For for-profit entities, the maximum amount a business is eligible to receive will be based on the owners’ average credit scores.

In addition, eligible expenses will include the following (funding can only be used for expenses incurred on or after August 3, 2021):

• Inventory
• Rent / Mortgage
• Payroll
• Utilities
• Individual protection equipment
• Furniture, fixtures or equipment that does not require professional installation costs over $ 1,999.

For more information on the program and to pre-register, Click here.

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