Businesses in 64 New Jersey counties can receive up to $10,000 in help with their leases under a new program announced by Gov. Phil Murphy.
The program, dubbed the Small Business Lease Emergency Grant Assistance Program, is funded with $6 million the state received from the federal Coronavirus Aid, Relief and Economic Security Act. The grants are the first component of the Main Street Commercial Corridors Relief Package.
Those eligible for grants include businesses who are leasing space in mixed-use and commercial buildings and those who lease space for a storefront business with a preference given to businesses with less than 5,000 square feet of space.
“The Small Business Lease Emergency Grant Assistance Program is directly geared toward keeping the mom-and-pop shops on main streets and business centers afloat in this time of need, specifically in our most vulnerable communities in New Jersey,” said Lt. Gov. Sheila Oliver. She is also the chairwoman of the New Jersey Redevelopment Authority.
The grants will be administered through the New Jersey Redevelopment Authority (NJRA).
“Right now, New Jersey’s small and micro businesses, particularly those in economically challenged communities, are bearing the brunt of our nation’s health and economic crisis,” said Leslie Anderson, president and CEO of the NRJA. “These businesses deliver value and stability to our state, and yet, struggle to access capital. Today, we’re proud to be there with the Governor to offer these businesses both rental relief grants and support accessing them.”
The goal is to keep small businesses open, according to Sen. Vin Gopal. D-Monmouth.
“Without additional aid, thousands of these businesses will go under permanently,” he said.
Lawmakers need to focus on small businesses when planning economic recovery from the novel coronavirus pandemic, according to Assemblyman Eric Houghtaling, D-Neptune.
“Many small stores, especially throughout the Jersey Shore, have desperately needed help in keeping the lights on,” Houghtaling said. “Now, with these commercial rental grants, many more will have the means to stay afloat.”
Applications will be accepted online beginning Aug. 10. The money will be doled out on a first-come, first-served basis.
Murphy made his announcement in Long Branch on Thursday.
“We are very happy Gov. Murphy chose Long Branch as the location to announce this new initiative,” said Long Branch Mayor John Pallone. “This is going to be a real boost for businesses here in Long Branch and throughout the state.”
