EDA is delaying the start of the application process for the Small Biz Emergency Loan Program

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Pre-registration for phase 2 of the New Jersey Economic Development AgencyThe Small Business Emergency Loan Program does not start on February 10, as previously announced. A new pre-registration date has not been announced.

EDA officials said they would postpone the start of the program to allow the introduction of additional federal paycheck protection program funding for small businesses that had not been announced when the EDA was preparing to launch the small business emergency loan program.

The postponement will enable the FDFA to design the emergency loan program in such a way that gaps in the availability of federal funds are closed and business needs are better met.

EDA officials said they would provide updates on the situation on the COVID-19 business center.

The Small Business Emergency Assistance Loan Program is a $ 10 million program that provides direct, low-cost funding to help small businesses and nonprofits in New Jersey recover and reopen.

The program will provide a direct loan of up to $ 100,000 to small businesses and nonprofits based in New Jersey that have been in existence for at least a year, have annual sales of $ 5 million or less, and are through the COVID-19 public health crisis.

To date, the PPP has lent more than $ 2.1 billion to companies in New Jersey in 2021.

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