In response to the economic challenges being faced by New Jersey small businesses, the New Jersey Economic Development Authority (NJEDA) is taking steps to support our existing business customers. The NJEDA Board has approved a 3-month payment moratorium for eligible businesses on direct loans and premier lender participation loans (pending approval by the agency bank). NJEDA is also allowing collateral releases, subordinations and substitutions on business assets for businesses impacted by COVID-19, and waiving late fees on loan repayments and loan modification fees for impacted businesses.
To see whether you might qualify for this program, use the NJ COVID-19 Business Support Eligibility Wizard.
Your organization is eligible for the NJEDA loan moratorium/loan fee forgiveness programs if you…
- Are able to demonstrate negative impact related to COVID-19 on or after March 9th, 2020
- Are not in active litigation with NJEDA
- Have not been delinquent on your existing loan for 120 days
Existing NJEDA business customers should reach out to their Servicing Officer for more information.
The NJEDA has also waived certain specific requirements related to employee presence in the office for the recipients of awards under the following employment-based incentive programs:
- Grow New Jersey Program (“Grow NJ”)
- Urban Transit Hub Program (“HUB”)
- Business Employment Incentive Program (“BEIP”)
- Business Retention and Relocation Assistance Grant Program (“BRRAG”)
Please visit the following link for more information about this program waiver: https://www.njeda.com/Press-Room/News-Articles/Press-Releases/NJEDA-Waives-80-Percent-Project-Site-Requirement-a.
Updated: March 28, 2020