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Second Update: New Jersey Small Business Assistance Grant

As previously posted in our May 16th alert, the New Jersey Economic Development Authority (“NJEDA”) announced an additional $50 million from the federal government to replenish the New Jersey Small Business Assistance Grant program that was established to help those small businesses impacted by COVID-19.

On May 22, the NJEDA board voted to expand the program to provide grants up to $10,000 to qualified businesses and expand eligibility requirements. Additionally, the NJEDA voted to reserve $15 million for businesses in Opportunity Zones.

The NJEDA will reserve $5 million to fund those businesses that were waitlisted from the first round of the program back in April. Applicants from the first round are encouraged to apply for this second round of funding as well.

Eligibility changes:

  1. Increasing the employee cap for business from 10 full time employees to 25 full time employees;

  2. Home-based businesses and sole proprietorships are now eligible to receive the grants; and

  3. Elimination of NAICCS code restrictions, that will make nearly all small businesses eligible.

Application Requirements:

The applicant must certify that:

  1. The applicant was in operation on February 15, 2020;

  2. The applicant business has been negatively impacted by COVID-19; and

  3. The applicant will make best efforts not to furlough or layoff employees.

Applicant will also be required to fill out an affidavit identifying all other previous COVID-19 related funding.

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Eric Z. Stevenson Business & Corporate Attorney Stark & Stark Lawrenceville, NJ
Associate

Eric Z. Stevenson is an Associate and a member of Stark & Stark’s Business & Corporate Practice Group. Mr. Stevenson concentrates his practice in the representation of start-up companies, investment companies, and non-profit organizations on a variety of issues, including corporate formation, financing, franchising, licensing, acquisitions, executive compensation, equity compensation plans, employment agreements, real estate, governance, and intellectual property law.

Prior to joining Stark & Stark, Mr. Stevenson served as a Judicial Law Clerk to the Honorable L. Grace...

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Rachel Lilienthal Stark Banking & Financial Services Attorney Stark & Stark Lawrenceville, NJ
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Rachel Lilienthal Stark is a Shareholder and member of the Banking & Financial Services, Business & Corporate, Intellectual Property and Non-Profit Organization Groups. Ms. Stark concentrates her practice in the representation of start-up and emerging companies and non-profit organizations on a variety of issues including corporate formation, financing, franchising, licensing, acquisitions, executive compensation, equity compensation plans, employment agreements, real estate and intellectual property law. Ms. Stark also represents lenders in commercial loan transactions.

Before joining Stark & Stark, Ms. Stark worked as an associate for the New York City law firm of Cahill Gordon & Reindel. She also served as a summer intern for The Honorable Anne E. Thompson, Chief Judge of the United States District Court, District of New Jersey and as a staff assistant to Senator Frank R. Lautenberg in Washington, D.C.

Ms. Stark is a frequent guest lecturer on business law, family business and succession planning at Rider University’s Business School. She also serves on the Board of Directors of the Real Estate Section of the Mercer County Bar Association, on the Executive Advisory Council of Rider University’s College of Business Administration, and is the Co-Chair of the Lawrence Chapter of the MIDJersey Chamber of Commerce.

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Dolores Kelley, Stark and Stark Law, Real Estate Lawyer, Zoning and Land Use Attorney, FDA Litigator
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Dolores R. Kelley is a Shareholder and member of Stark & Stark’s Business & Corporate, Real Estate, Zoning & Land Use and Beer & Spirits Groups, where she concentrates her practice in the representation of start-up and emerging companies, breweries, distilleries, and non-profit organizations on a variety of issues including corporate formation, financing, licensing, acquisitions employment agreements and intellectual property law. Dolores also handles a wide range of matters for the real estate industry, including commercial transactions, leasing, condominium and homeowner...

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