Jersey City EDC receives $550k in latest round of CARES Act funding in New Jersey

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The Jersey City Economic Development Corporation received $550,000 in the latest round of CARES Act funding in New Jersey, U.S. Senators Bob Menendez and Cory Booker (both D-NJ) announced.

Twitter photo.

By John Heinis/Hudson County View

“We need to give struggling small business owners in New Jersey all the help they can get to weather the pandemic, stay open and keep their employees on the job, so their positioned to drive our state’s economic recovery once we defeat COVID-19,” Menendez said in a statement.

“By supporting our small businesses and making smart investments in our aging infrastructure, we will help grow our economy and create new jobs and opportunities for New Jerseyans.”

The senators revealed earlier today that a combined $17,360,000 in federal economic development funding will be utilized to boost New Jersey small businesses, including CARES Act Recovery Assistance Grants.

Specifically, these grants are meant to help small businesses and entrepreneurs across the state impacted by the COVID-19 pandemic to access capital and financing.

“The coronavirus pandemic has had a crippling impact on nearly every aspect of our economy, including New Jersey’s small businesses,” added Booker.

“These federal investments will help us lay the groundwork for the economic recovery of our state and our small businesses so we can rebuild stronger and create more opportunities for the future.”

New Jersey has been awarded nearly $15 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds (RLFs) that will provide gap financing to small businesses and entrepreneurs that have been adversely affected by the current public health emergency.

Nationwide, the CARES Act provided $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the COVID-19 pandemic, including a wide-range of financial assistance to eligible communities and regions.