The New Jersey Economic Development Board (EDA) announced the approval of the Henri/Ida funds at a special meeting of its board. The $10.5 million program will provide grants of $1,000 to $5,000 for businesses and non-profits that suffered physical damage from the effects of recent tropical storms Henri and Ida. The NJEDA expects to launch an online application for the program at 9:00 a.m. on Friday, September 17 at https://www.njeda.com/henri-ida-relief/.
The Ida Grant Program is designed to assist businesses and non-profits impacted by tropical storms Henri and Ida. The program will provide grants from $1,000 up to $5,000 to New Jersey-based small businesses and non-profits that have up to 50 full-time equivalent employees as reported on their last WR-30 form (Q2 2021) with the NJ Department of Labor and Workforce Development (DOL) and have a commercial location in the state that suffered physical damage as a result of tropical storms Henri and Ida. Of the $10.5 million available for the program, $10 million will be available for grants for businesses and non-profits impacted by Ida and $500,000 will be set aside for businesses and non-profits impacted by Henri.
To be eligible, the applying entity must:
- Provide certification of an unmet need due to damage and/or business interruption.
- This includes, but is not limited to, flooding, interior or exterior damage to the building structure, roof damage, and siding damage, all of which are directly related to tropical storm Henri and Ida. Loss of power alone will not be considered physical damage.
- Provide documentation of physical damage to the applicant’s physical commercial location.
- Have been in operation on August 1, 2021.
- Present a valid Employer Identification Number (EIN).
- Submit recent wage reporting form (WR30), if applicable.
- Submit evidence of an August rent/mortgage payment of at least $1,000 as well as have a need that is greater than $1,000.
- Be registered to do business in the State of New Jersey, as evidenced by a valid Business Registration Certificate.
- Be in good standing with the Department of Taxation and DOL, and if applicable, the Division of Alcoholic Beverage Control, the Department of Children and Families, and/or the Department of Human Services.
- Complete an affidavit identifying all funding sources related to recovery from tropical storms Henri and Ida, including prior grants, insurance, and Small Business Administration loans and grants.
- Comply with any additional requirements that may apply.
Grants will be provided in the form of reimbursement of August rent or mortgage ($1,000 minimum rent eligibility). To ensure grants reach businesses in the hardest hit communities, including communities of color, one-third of the $10 million in funding available through the program will be targeted to businesses with a primary business location within the 715 census tracts designated as eligible to be selected as an Opportunity Zone.
More information about the Henri/Ida Business Assistance Grant Program is available at https://www.njeda.com/henri-ida-relief/.