Supporting microbusinesses, arts and cultural organizations, restaurants, and child care providers as they move beyond the pandemic and rebuild, legislation sponsored by Assembly Democrats Gordon Johnson, Vince Mazzeo, and Andrew Zwicker to make available $135 million from the federal Coronavirus State Fiscal Recovery Fund was signed into law Tuesday.
“The last year and a half has been economically challenging for many New Jersey families, businesses, and the organizations serving our communities,” said Assemblyman Johnson (D-Bergen, Passaic). “It’s time to get back on track. The allocation of this federal funding will aid in helping New Jersey do just that.”
The federal funds made available to the New Jersey Economic Development Authority (EDA), as part of the American Rescue Plan Act of 2021, will be provided as follows:
1) $55 million for eligible microbusinesses;
2) $10 million for eligible arts and culture for-profit organizations;
3) $15 million for eligible food and beverage establishments;
4) $45 million for eligible businesses and nonprofit organizations; and
5) $10 million for child care providers.
“New Jersey is on the road to economic recovery as we move out of the public health crisis and back to normal,” said Assemblyman Mazzeo (D-Atlantic). “This is critical funding, especially to areas such as Atlantic County which were already working on reinvigorating and diversifying the local economy before COVID-19, to assist small businesses, support child care services and many other important programs families rely on throughout the state.”
“New Jersey is on course to economic recovery due to State funding and the assistance of federal aid dollars as part of the American Rescue Plan Act of 2021,” said Assemblyman Zwicker (D-Hunterdon, Mercer, Middlesex, Somerset). “The COVID-19 pandemic has impacted everyone in the State from small businesses to families struggling to find adequate childcare. We have a little ways to go to fully returning to a sense of normalcy but we will. This funding will help many who have felt the effects of this difficult year.”
The new law will allow EDA to transfer the uncommitted balance of federal funds to certain programs administered by the EDA in response to the COVID-19 pandemic if the EDA submits notice to the Joint Budget Oversight Committee no less than five calendar days before the date of the transfer.