Governor Murphy signs bill giving $135M boost to small businesses amid pandemic
TENAFLY, New Jersey (WABC) -- Governor Phil Murphy signed legislation to give another boost to small businesses struggling amidst the pandemic.
In fact, he signed the bill at a small business, Simply Vietnamese restaurant in Tenafly.
The bill provides $135 million to small businesses throughout the state and will be administered by the Economic Development Authority as part of its Phase IV Emergency Grant Program and NJ Community Stage Relief Grant Program.
"As small businesses throughout New Jersey continue to struggle from the economic aftermath of COVID-19, we remain committed to providing them with the resources they need to recover," Governor Phil Murphy said. "Together with our partners at the federal level, the EDA and other departments have provided more than three-quarters of a billion dollars to our small business community as we emerge from the pandemic stronger and more resilient."
"The $135 million in additional COVID-19 relief funding enacted today will be a lifeline to small businesses as they reopen and return to full capacity. The targeted funds for restaurants, arts and culture organizations, and child care providers will be particularly important in ensuring businesses that were severely impacted by the pandemic have the resources they need to make a full recovery, and the Governor's focus on ensuring equitable and inclusive distribution of resources will move us closer to of a stronger, fairer New Jersey economy," said Tim Sullivan, NJEDA Chief Executive Officer.
In the Senate, the bill was sponsored by Senators Dawn Marie Addiego and Linda Greenstein. In the Assembly, the bill was sponsored by Assembly Members Gordon Johnson, Vince Mazzeo, and Andrew Zwicker.
"The last year and a half have been economically challenging for many New Jersey families, businesses, and the organizations serving our communities," said Assemblyman Gordon Johnson. "It's time to get back on track. The allocation of this federal funding will aid in helping New Jersey do just that."
The bulk of the funding will be administered by the NJEDA, and will help fund all eligible Phase IV applications. To date, the EDA has allocated more than $650 million in aid to tens of thousands of small businesses across the state.
The breakdown of the $135 million in today's legislation is as follows:
- Microbusinesses: $55 million
- Bars and Restaurants: $15 million
- Child Care Facilities: $10 million
- For-Profit Arts and Culture Organizations: $10 million
- Eligible Small Businesses and Non-Profit Organizations: $45 million
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