(The Center Square) – Gov. Phil Murphy signed legislation to send an additional $135 million in federal dollars to small businesses throughout New Jersey.
The New Jersey Economic Development Authority (NJEDA) will administer the funds as part of its Phase IV Emergency and NJ Community Stage Relief grant programs. The legislation allocates $55 million to microbusinesses, $45 million to small businesses and nonprofit organizations, $15 million to bars and restaurants, $10 million to child care facilities and $10 million to for-profit arts and culture organizations.
The money, approved as part of S-3982, “will be a lifeline to small businesses as they reopen and return to full capacity,” NJEDA Chief Executive Officer Tim Sullivan said in a news release.
“The targeted funds for restaurants, arts and culture organizations, and child care providers will be particularly important in ensuring businesses that were severely impacted by the pandemic have the resources they need to make a full recovery,” Sullivan added.
The money is part of the Coronavirus State Fiscal Recovery Fund included in the American Rescue Plan (ARP), which sent roughly $6.2 billion to the Garden State.
Earlier this month, the state awarded roughly $30 million in federal dollars to boost college completion and fight hunger. Additionally, last month, Murphy signed a package of bills to send $235 million to small businesses throughout the state, and the state used $600 million to fund a one-year extension of public education and related services for thousands of students with disabilities.