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On February 10, 2022, the New Jersey Economic Development Authority (“NJEDA”) opened applications for its Small Business Improvement Grant.

The funds, which are eligible for reimbursement of up to 50% of total project costs up to $ 50,000 are available to businesses in New Jersey for various business improvement purposes.

The grant has a total fund of $ 15 million, $ 6 million of which is reserved for businesses and nonprofits located in selected Areas of Opportunity. Applications will be accepted on an ongoing basis until funding is exhausted.

What Can the Funds Be Used For?

The Small Business Improvement Grant is a reimbursement program for specific projects and purchases. The grant can be leveraged to cover various building upgrades as well as new furniture, fixtures and fittings.

Which Projects and Businesses Are Eligible?

All credit, small, minority or women’s businesses in New Jersey can apply for assistance under the Small Business Improvement Grant. Applicants must rent or own and operate a facility, meet the SBA definition of a small business (less than 500 employees), not be in default with EDA or state assistance and be able to certify that they pay wages that are the largest of $ 15 / hour or 120% of the minimum wage rate.

Eligible projects are categorized as improvements or purchases of indoor or outdoor buildings and / or the installation of furniture, fixtures and fittings. All projects must have started on or after 9 March 2020, for which payment was made within two years of the date of submission of the application. Projects or purchases must amount to a minimum of $ 5,000 to be eligible, which must be documented.

In addition to not falling under the above business or project criteria, NJEDA classifies several specific situations that make companies ineligible for the grant:

NJEDA also states that owners and employees of the NJ state, officials or authorities controlling more than 1% of the applicant company are not eligible for funding. NJEDA has received a significant number of applications for this program. Interested small businesses are encouraged to apply quickly as funding is limited.

An eligible business, based in New Jersey can apply on the NJEDA website. A $ 100 approval fee is due at the time of approval and prior to the execution of the grant agreement. According to Governor Murphy’s office, as of May 5, 2022, 32 small businesses have already been approved for grant reimbursements since its announcement.

Phase 4 will provide short-term operational support to a large group of New Jersey small and medium-sized businesses and non-profits that have been negatively affected during the declared state of emergency.

How do I contact Njeda?

PLACES

What can the Njeda grant be used for? Eligible Uses Under the Small Business Emergency Assistance Grant Program – Phase 4, the funding can be used to reimburse certain lost revenue as a result of the business disruption caused by COVID -19. Funding cannot be used for capital costs, including construction.

How do I check my Njeda status?

Business owners who have already applied for Phase 4 funding can check the status of their application on programs.njeda.com.

What is the NJ EDA grant?

NJEDA NOW ACCEPTS APPLICATIONS FOR SME BUSINESS IMPROVEMENT GRANT. See the article : Are Black Businesses Ready For Another Recession?. The Small Business Improvement Grant offers reimbursement for costs associated with carrying out building improvements or purchasing new furniture, fixtures and fittings.

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Is Njeda taxable?

New Jersey Economic Development Authority (NJEDA) Grants: Federal: Although the federal government has not directly addressed these grants, they are generally taxable to businesses. Read also : Report: Business professionals make high returns.

Is the Njeda Phase 4 grant taxable? This is a business grant and as such is taxable on your federal tax return but not on your New Jersey tax return. You entered it on your business tax return as “Other Income.” This would be on line 6 if you are self-employed and fill out a C schedule to report your business income and expenses.

Is cares Act money taxable?

If governments use the Fund’s payments as described in the Fund’s Guidance to establish a grant program to support businesses, those funds are considered gross taxable income for a business receiving the grant under the Fund. Internal Revenue Code (Code)? A. Yes.

Is California Relief grant taxable?

Do I have to pay taxes on grant income? Yes. Before February 15, 2022, you will receive tax information related to the proceeds of the grant, which you will need to report on your tax returns. Please consult with a tax professional for additional information.

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Who is eligible for NJEDA grants?

What are the eligibility requirements for the Program? – Be in good standing with the Department of Labor and Workforce Development (NJLWD). – You will not have more than 50 Full-Time Equivalent Employees (FTE) in the Q3 2020 or Q4 2020 WR-30 business filing (the most recently filed of the two will be used).

What is the NJEDA Small Business Emergency Assistance Grant Program? NJEDA created the Emergency Assistance Loan Program for Small Businesses in March 2020 to make low-cost financing available to small businesses affected by the COVID-19 pandemic . To date, NJEDA has approved 145 loans for a combined total of more than $ 10 million.

What can the NJEDA grant be used for?

Updated: May 26, 2021 Phase 4 of the New Jersey Economic Development Authority’s (NJEDA) Small Business Emergency Assistance Grant Program provides grants of up to $ 20,000 to businesses small and medium-sized and non-profits that have been negatively affected by the COVID-19 pandemic.

How much is the NJEDA grant?

This loan program provides financing of up to $ 100,000 at 0% interest to eligible New Jersey small businesses and nonprofits. All entities must pre-register before 5:00 p.m. EDT on Friday, July 30, 2021 to be eligible to apply for the loan. Pre-registration does not come first, it serves first.

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