Details about NJ Economic Development Authority (NJEDA) Emergency Assistance Resources
NJEDA Small Business Emergency Assistance GRANT Program
Provides up to $5,000 for payroll and working capital support calculated at $1,000 per full-time equivalent employee (FTE) as reported on form WR-30.
2. NJEDA Small Business Emergency Assistance LOAN Program
It provides up to $100,000 to businesses facing economic challenges due to COVID-19. Terms of the loan are:
- 10-year term and amortization.
- 0% interest for years 1 – 5, NJEDA’s prevailing interest rate capped at 3% for years 6-10.
- Deferred repayments for 12 months.
- No fees during first, 5 years; modification fees would apply after year 5.
It is available to ELIGIBLE small and medium-sized businesses and non-profits (SMEs). To review the full resources and for downloading, visit the NJEDA Emergency Assistance Resources Chart.
We will continue to follow these developments and will provide additional information as we receive clarification. These are very challenging times. Please know that LB Goodman is here to help you with your financial questions and concerns.
If you have any questions, do not hesitate to contact us.