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YOUR MONEY: New Jersey sending $10.2 million to help small businesses pay their rent

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Gloucestercitynews.net files

(The Center Square) – New Jersey has allocated $10.2 million to help small businesses pay their rent.

The New Jersey Redevelopment Authority (NJRA) will use federal Coronavirus Aid, Relief, and Economic Security (CARES) Act funding to extend the Small Business Lease Emergency Assistance Grant Program (SBL-EAGP).

Under the grant program, which is part of the Main Street Commercial Corridors Relief Package, small businesses adversely impacted by COVID-19 and located in one of 68 designated municipalities are eligible for grants up to $10,000. It will focus on organizations that did not receive funding in the program’s second round.

“This funding will allow the NJRA to work through our existing pipeline of existing applicants to provide grant funding to small businesses located in our eligible communities, who continue to feel the effects of the [COVID-19] pandemic,” Leslie A. Anderson, president and CEO of the NJRA, said in an announcement.

In February, Gov. Phil Murphy allocated an additional $5 million for SBL-EAGP, saying the program had already dispersed $10 million to roughly 1,000 businesses. The program, one of several that state officials have pushed amid the COVID-19 pandemic, targets businesses with 5,000 square feet of leased space or less.

State officials say they have allocated nearly $700 million for various COVID-19 relief programs.

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