New Jersey’s small businesses will receive nearly $17.4 million in federal aid, U.S. Sens. Cory Booker (D-Newark) and Bob Menendez (D-North Bergen) announced Tuesday.
“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 their positioned to drive our state’s economic recovery once we defeat COVID-19,” said Menendez. “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 money will go toward COVID-19 recovery grants under the Coronavirus Aid, Relief and Economic Security Act and toward infrastructure improvements to prevent flooding in Atlantic City.
The Economic Development Authority will receive the bulk of the money, $11 million. Another $2.7 million will go to Camden’s Cooperative Business Assistance Corporation, and Burlington County and the Jersey City Economic Development Corporation will receive $660,000 and $550,000, respectively.
Atlantic City will receive roughly $2.5 million.
“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.”