Small businesses in Jersey City will soon be able to apply for federal grants of up to $20K. City officials announced last week that Jersey City is receiving $7 million in federal funds to help small businesses that are financially struggling as a result of the pandemic.
The $7 million is coming from the Coronavirus Aid Relief and Economic Securities (CARES) Act. The CARES Act was signed by the President in March to provide $2 trillion in financial aid to families and businesses nationwide.
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“We’re grateful to the county and for our Congressional delegation who fought for this money that will allow our business owners to hire back local employees, pay outstanding expenses, and retain employees to stimulate and strengthen our local economy as we work to rebuild and strong and resilient foundation,” said Mayor Fulop.
Requirements for the federal grants
Any Jersey City-based for-profit business can apply to receive a grant. The business must have 25 or fewer employees — whether it’s home-based, mobile, or brick-and-mortar. The funds must be used for salary expenses, rent/mortgage expenses, equipment leases, finance payments, loan payments, and utility payments incurred since March.
Requirements to apply include:
- Must be based in Jersey City (home-based business are allowed).
- Must be in good standing with federal and state taxes.
- Does not need to be currently opened.
- Documentation proving the expenses must be attached to the application.
Applications for the grants will go live on July 16 at JCEDC.org.
