BREAKING NEWS: NJEDA Relief Program runs out of funds in 1hr. and 15mins.

We can’t stress enough the importance of submitting your coronavirus relief applications promptly (and we mean as soon as possible – ASAP). All programs have a limited amount of funds and program funds will be exhausted more quickly than you think – for New Jersey’s first program it was 1hr. and 15mins.

We’re writing to emphasize the importance of getting your application “in the queue.” The New Jersey Economic Development Authority went through $5 million at $5,000 per application in just over an hour. The application site, now includes a disclaimer: “Funding is subject to Program Funds availability. Due to high demand, this funding is exhausted.  But it also includes a good suggestion, “submit your application to ensure that if additional funds become available for this round of Grant funding, you may be eligible. Applications will be reviewed based on first come, first submitted basis.”

According to NJBiz, the funds were exhausted by 10:16 a.m., an hour and 16 minutes after it opened. At this time more businesses had submitted applications (10,000 applications) than available funds. At 1:30pm there were 16,500 applications submitted. NJ businesses will now be wait listed, only hoping there will be additional funds to allocate. The window to apply was supposed to remain open through April 10, however this is not guaranteed considering the oversubscription number already. 

We know the New Jersey program will not be the only one that will run out of money.  In fact, Massachusetts has already closed their Small Business Recovery Loan Fund, so please get your applications in line! 

Now seriously, stop reading and go apply!