State of New Jersey Update: Small Business Lease Grant Program Opens October 20th, Tax Credits, and More

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Business.NJ.gov Update

Welcome to this week's State of New Jersey Business.NJ.gov Update

Applications for the Small Business Lease Grant Program Open October 20th

Small business grant

The Small Business Lease Grant supports the growth and success of small businesses and non-profits by providing grant funding to cover a portion of lease payments for businesses and non-profits leasing new or additional space. Applications will be accepted first-come-first-served beginning Wednesday, October 20th, 2021.

Grant Details


A Podcast Series to Help Your Business Thrive

Podcast

The Mind Your Business podcast, produced by the New Jersey Redevelopment Authority, is a 6 part series to help small businesses learn about the value of strong business relationships,  building your online presence, and more. The first episode is available online.

Follow the Podcast


Angel Investor Tax Credit Program - Deadline November 1st

Angel investor

The New Jersey Angel Investor Tax Credit Program establishes refundable tax credits for qualified investments in New Jersey emerging technology businesses to stimulate investment in the innovation economy. Applications are due by 11:59 p.m. on Monday, November 1st, 2021 to be eligible for tax credits in 2021. Applications received after this time will be considered for the 2022 program.

Program Description


Receive Help With U.S. Small Business Administration Ida Loan Applications

Support

The African-American Chamber of Commerce of New Jersey (AACCNJ) and the Statewide Hispanic Chamber of Commerce of New Jersey (SHCCNJ) can help businesses that sustained storm damage with their U.S. Small Business Assistance (SBA) Disaster Loan applications. This assistance includes preparing financial information, packaging application documentation, and other services. Contact the organizations directly for support. Businesses should not wait for insurance claims to be completed to apply for an SBA loan.

Contact the AACCNJ or SHCCNJ for more information.


Finding Reusable Carryout Bags and Paper Bags Just Got Easier

Resusable bag

Beginning May 4th, 2022, all plastic bags and polystyrene foam food containers are banned from use in New Jersey. Find reusable and paper carryout bags vendors, prepare for the ban, or add your business as a vendor. 

Prepare for the Ban


Businesses Will Soon Be Allowed to Sell Certain Home-Baked Goods

Baked goods

Businesses will soon be able to sell certain home-baked and other homemade foods in New Jersey. The newly proposed regulation, also known as the Cottage Food Rule, went into effect October 4th, 2021.

Learn More


Obtain Vouchers for the Purchase of Climate Friendly Vehicles with NJZIP

Electric vehicle

NJZIP is a voucher program for businesses and institutions purchasing new, medium-duty zero-emission vehicles that will operate in the greater Camden, Newark, and New Brunswick areas. The program will provide vouchers with base values ranging between $25,000 to $100,000. Applications are being accepted on a rolling basis, so apply as soon as possible!

More on NJZIP


Help Us Help You: Complete a Survey That Could Give the State More Resources

Survey

Your response to the Federal Reserve Bank's 2021 annual business survey can help bring additional resources or support to the State to help New Jersey businesses. The Federal Reserve Bank’s 2021 Small Business Credit Survey provides crucial insights into the financial health of small businesses. The survey takes 10 minutes and responses are due November 19th, 2021.

Complete the Survey


New Rules Businesses Need to Know That Protect Aging Workers

Elderly workers

Increased worker protections have been created for individuals over 70 years of age. Businesses cannot disregard an individual’s application for hire or request for promotion, nor can the cause of separation be because the employee is over 70 years old.

Read the Full Bill


Apply for Wage Subsidies with the Return & Earn Program

Wages

Employers can receive up to $10,000 in wage subsidies to hire and train new employees. These subsidies will help cover wages and training for new employees for up to their first six months on the job. Employers can express interest in this program and receive application information as it becomes available.

Express Interest


Apply for Low-Interest Tropical Storm Ida Disaster Loans — Cape May Has Been Added 

Tropical storm

The U.S. Small Business Administration is offering two loans for businesses in the Federal Emergency Management Agency’s designated Tropical Storm Ida disaster areas. The ‍Economic Injury Disaster Loans help small businesses, private non-profits, small agricultural cooperatives, and other organizations meet working capital needs caused by the disaster. The Physical Disaster Loans help businesses and private non-profit organizations of any size borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. 

Apply Now


Apply for Tax Relief If Your Business Was Impacted by Ida

Deadline extension

The IRS is offering tax relief to businesses in the Federal Emergency Management Agency’s designated disaster areas. The tax relief postpones various tax filing and payment deadlines that occurred starting on August 26th, 2021. As a result, affected individuals and businesses will have until January 3rd, 2022 to file returns and pay any taxes that were originally due during this period.

Apply for Tax Relief


Apply for the COVID Economic Injury Disaster Loan

COVID-19

The COVID Economic Injury Disaster Loan (EIDL) program is a federal disaster relief loan designed to better serve and support our small business communities still reeling from the pandemic, especially hard-hit sectors such as restaurants, gyms, and hotels. The U.S. Small Business Administration is ready to receive new applications immediately from small businesses looking to take advantage of new policy changes which include an increased loan cap to $2 million, expanded use of funds, and more.

Learn About EIDL


Apply for the Economic Redevelopment and Growth Program

Money protection

The Economic Redevelopment and Growth (ERG) Program helps developers and businesses address project financing gaps, such as below market development margins or rates of return on development or redevelopment projects. Qualified residential projects can receive tax credits of up to 20% of total eligible projects costs. Qualified commercial projects can receive an incentive grant reimbursement of up to 20% of total eligible project costs. Some projects may be eligible for bonuses. Applications are now open.

Read About ERG


Business Question? Speak to an Expert!

Visit Business.NJ.gov and chat with a live business expert, Monday - Friday, 8 a.m. to 5 p.m.

For more business updates and live support

Visit Business.NJ.Gov


This Newsletter is Brought To You By:

Office of the Governor, State of New Jersey  New Jersey Business Action Center  New Jersey Economic Development Authority  New Jersey State Office of Innovation

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