Author Topic: NJ Small Business Emergency Assistance Grant Program  (Read 2712 times)

Offline whacked1

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Re: NJ Small Business Emergency Assistance Grant Program
« Reply #15 on: July 09, 2020, 11:20:59 AM »
Has anyone gotten anything or even an update ?

Offline Madreigis

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Re: NJ Small Business Emergency Assistance Grant Program
« Reply #16 on: July 09, 2020, 02:15:41 PM »
Tried to apply. Came up "the application period is now closed". Is it over?

Offline Madreigis

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Re: NJ Small Business Emergency Assistance Grant Program
« Reply #17 on: July 31, 2020, 12:23:58 AM »
If you file a Schedule C, yes. (See how it specifically points out that sole props are eligible.)

 Im self employed (have a llc, im the only one on it and filled 2019 with a schedule C) got denied from the NJEDA due to my business wasn't registered with the NJ BUSINESS.

Do you really have to be registered? If yes, anything I can do now?

Thanks,

Offline cgr

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Re: NJ Small Business Emergency Assistance Grant Program
« Reply #18 on: October 14, 2020, 01:09:44 PM »
NJ Small Business Grants Phase 3 will provide up to $20k to eligible NJ businesses and non-profits with less than 50 employees.
The program will be open to sole props, as well as to businesses that received funding in a previous round.

Details in my signature block below.

Offline Mordyk

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Re: NJ Small Business Emergency Assistance Grant Program
« Reply #19 on: October 16, 2020, 04:09:09 PM »
Provides $1,000 per employee ($10,000 maximum)
125 full time equivalent employees
Sole proprietorships with no full-time employees will receive the minimum grant amount of $1,000
Home based businesses may also apply for this grant
The grant funding cannot be used for any capital expenses like construction
Applications will be available at 9:00 a.m. on June 9, 2020
https://faq.business.nj.gov/en/articles/3835237
Got my approval today and signed the docs for $1k. #TYH

Offline cgr

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Re: NJ Small Business Emergency Assistance Grant Program
« Reply #20 on: October 16, 2020, 04:45:25 PM »
Got my approval today and signed the docs for $1k. #TYH

Bh! You can apply for Phase 3 as well when applications open. All businesses seeking to participate must apply for a pre-application first when the portal opens in two weeks (for restaurants and small (1-5 FTE) business. Businesses with 6-50 FTE can get the pre-app a week later)

1-5 enployees will receive 5k.

Offline Mordyk

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Re: NJ Small Business Emergency Assistance Grant Program
« Reply #21 on: October 16, 2020, 04:47:51 PM »
Bh! You can apply for Phase 3 as well when applications open. All businesses seeking to participate must apply for a pre-application first when the portal opens in two weeks (for restaurants and small (1-5 FTE) business. Businesses with 6-50 FTE can get the pre-app a week later)

1-5 enployees will receive 5k.
Must have been employed by when?  I hired two employees in June

Also I'm curious what happens on the tax return if there will be a place to record all grants from all places...

Offline cgr

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Re: NJ Small Business Emergency Assistance Grant Program
« Reply #22 on: October 16, 2020, 05:12:05 PM »
Must have been employed by when?  I hired two employees in June

Also I'm curious what happens on the tax return if there will be a place to record all grants from all places...
If the additional hires doesn't change the category you fall into, it doesn't matter because the grant amount will be the same. If it does: as of now there's no guidance on when those FTEs must have been hired. Could mean: 1) guidance will be released when the pre-app portal opens or 2) it's current FTEs and there are no guidelines for it.

Grants are not a new covid invention:) in most cases they must be recorded on the tax return, and many agencies issue a 1099 to grant recipients. Maybe the next stimulus should include a tax deduction for all covid-related grants received...

Offline Mordyk

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Re: NJ Small Business Emergency Assistance Grant Program
« Reply #23 on: October 17, 2020, 07:49:22 PM »
If the additional hires doesn't change the category you fall into, it doesn't matter because the grant amount will be the same. If it does: as of now there's no guidance on when those FTEs must have been hired. Could mean: 1) guidance will be released when the pre-app portal opens or 2) it's current FTEs and there are no guidelines for it.

Grants are not a new covid invention:) in most cases they must be recorded on the tax return, and many agencies issue a 1099 to grant recipients. Maybe the next stimulus should include a tax deduction for all covid-related grants received...
at that point i was self employed so thats how i filed.   since then i BH hired two employees so the dynamics change.

Offline cgr

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Re: NJ Small Business Emergency Assistance Grant Program
« Reply #24 on: October 17, 2020, 07:52:23 PM »
at that point i was self employed so thats how i filed.   since then i BH hired two employees so the dynamics change.
Not for Phase 3. It's not 1k per employee like in pervious rounds, instead:

Restaurants-
1-5 FTE employees: $10,000
6-25 FTE employees: $15,000
26-50 FTE employees: $20,000

All other businesses-
1-5 FTE employees: $5,000
6-25 FTE employees: $10,000
26-50 FTE employees: $15,000

Offline Mordyk

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Re: NJ Small Business Emergency Assistance Grant Program
« Reply #25 on: October 17, 2020, 08:04:45 PM »
Not for Phase 3. It's not 1k per employee like in pervious rounds, instead:

Restaurants-
1-5 FTE employees: $10,000
6-25 FTE employees: $15,000
26-50 FTE employees: $20,000

All other businesses-
1-5 FTE employees: $5,000
6-25 FTE employees: $10,000
26-50 FTE employees: $15,000
Thanks for the clarification.

Offline Geshmak25

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Re: NJ Small Business Emergency Assistance Grant Program
« Reply #26 on: October 17, 2020, 08:33:21 PM »
What are the requirements? Any sole proprietor can just get $5K free?
PUTPAC = PITA

Offline cgr

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Re: NJ Small Business Emergency Assistance Grant Program
« Reply #27 on: October 17, 2020, 08:48:45 PM »
What are the requirements? Any sole proprietor can just get $5K free?

From the application:
Please certify that your business is properly and fully registered within the State of New Jersey or you are in the process of becoming properly and fully within the State of New Jersey. If your business is not properly and fully registered the NJEDA shall require repayment of your full Grant Proceeds, if approved.

In other words sole props must have a business certificate, dba, or other registration to qualify.

Offline whacked1

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Re: NJ Small Business Emergency Assistance Grant Program
« Reply #28 on: October 17, 2020, 08:58:05 PM »
Can i get this grant if i already received the $1k grant

Offline cgr

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Re: NJ Small Business Emergency Assistance Grant Program
« Reply #29 on: October 17, 2020, 09:01:10 PM »
Can i get this grant if i already received the $1k grant
Yes. Recipients of Phase 1 and 2 can apply.