New Jersey Defers Beginning of Pre-Registration for Second Phase of Small Business Emergency Assistance Loan Program

By: Savannah Scarborough, Writer / Follow South Jersey Community Resources Intern

Photo: Jon Bradley | Follow South Jersey

TRENTON, N.J. — On February 5, the New Jersey Economic Development Authority (NJEDA) deferred its $10 million pre-registration for the second phase of its Small Business Emergency Assistance Loan Program. Pre-registration was intended to open on Wednesday, February 10, but the deferral date has yet to be decided and was said to be announced soon.

The deferral of pre-registration was made with the intent of accommodate the rollout of additional federal Paycheck Protection Program (PPP) financing for small businesses, which was not mentioned by the NJEDA when they were preparing to launch the Small Business Emergency Assistance Loan Program.

The deferral will allow the NJEDA to tailor the Emergency Assistance Loan Program to address gaps in federal financing ability and more effectively meet the business’s unique needs.

This is because, since the beginning of 2021, more than $2.1 billion has already been loaned to New Jersey businesses through the PPP.

This article was produced by a Follow South Jersey news intern thanks to a grant provided by the Robert Wood Johnson Foundation through the New Jersey Health Initiatives program to create hyper-local news to meet the informational and health needs of the City of Bridgeton, N.J.