Hudson County Executive Tom DeGise and Jersey City Mayor Steven Fulop will present 594 local businesses with $9 million in CARES Act funding later today.
By John Heinis/Hudson County View
“Every business is important. Every local employee they can retain and hire back is important. We’re grateful to the county and to our congressional delegation who fought for this money so that we can provide local business owners with the tools they need to recover as quickly as possible,” Fulop said in a statement.
“This financial aid will be the boost most of these small businesses need in order to reopen and remain open for business, ultimately regenerating our local economy.”
To date, Hudson County has received $117 million in CARES Act funding, with Jersey City small businesses previously scoring $7 million back in July.
“I’d like to thank our federal delegation, led by Senator Robert Menendez, for securing these monies that are a lifeline for Hudson County so that our small businesses can hit the restart button,” DeGise added.
Of the nearly 600 grant recipients, approximately 300 of the businesses are located in the City’s west side and Heights sections, another 200 are within the Downtown business district, and approximately 80 business owners from the Greenville section.
Jersey City businesses with 25 or fewer employees that are home-based, mobile, or brick and mortar were eligible for the grants.
Based on criteria developed by Hudson County, applications were reviewed by the Jersey City Economic Development Corporation (JCEDC) to determine eligible expenses, which include employee salaries (capped at $2,000 per employee), salary of sole proprietor or principal (capped at $2,000), mortgage or rent payments, loan payments, equipment leases, and utility payments incurred since March.
“Having been a part of the selection process, I’m confident the nearly 600 business owners will put the funding we’re providing to the best possible use, whether it’s rehiring employees they had to let go, or paying overdue bills that continued to pile high while they were closed for several months,” noted JCEDC Chair Rosemary McFadden.
“The JCEDC will continue to work with the Mayor and Administration to provide the financial relief our businesses and residents are relying on as we continue forward with this recovery process.”