The Jersey City Economic Development Corporation will receive $550,000 as part of federal economic development funding designed to boost small business, US Senators Bob Menendez and Cory Booker announced earlier this month.
The funding, the federal lawmakers said, is Jersey City’s share of a total of $17,360,000 procured for the state of New Jersey including CARES Act Recovery Assistance Grants to help small businesses and entrepreneurs across the state impacted by the COVID-19 pandemic access capital and financing.
“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 they are positioned to drive our state’s economic recovery once we defeat COVID-19,” Menendez said. “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 Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law by the president on March 27, 2020, provides the U.S. Department of Commerce Economic Development Administration (EDA) with $1.5 billion for economic development assistance programs to help communities “prevent, prepare for, and respond to coronavirus.”
“The coronavirus pandemic has had a crippling impact on nearly every aspect of our economy, including New Jersey’s small businesses,” Booker said. “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.”
"We are thankful for the support from our elected representatives in Washington for all working together to deliver more resources to help Jersey City,” said Jersey City Mayor Steven Fulop “These are unprecedented times and this money will be extremely helpful to keep some of our local businesses viable.”