Home COVID-19 Rental Assistance Program Available for Small Business Leases in NJ, Including Hoboken and Jersey City

Rental Assistance Program Available for Small Business Leases in NJ, Including Hoboken and Jersey City

by Jennifer Tripucka
Attain Medspa
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COVID-19 has caused an unspeakable economic impact on small businesses — causing local businesses to close due to overhead costs being too much to bear during this difficult time. News just out of the NJDA is that there will be funds available and economic assistance to make commercial rent payments — and municipalities included are Hoboken + Jersey City. So if you’re reading this and you, your tenant, or any other Hoboken business you know needs economic assistance to make commercial rent payments, mark your calendar for Monday, August 10th at 9:00AM — and read on below for more information, provided via the Hoboken Business Alliance.
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The New Jersey Development Authority has established a rental assistance program for commercial businesses:
The use of funds for this program will assist tenants and landlords in the NJRA 64 eligible communities by providing subsidy to support lease payments up to $10,000 due to COVID-19.
  • Online application process begins at 9:00 AM Monday, August 10th
  • Funds will be given on a first-come-first-serve basis
  • The program is a 100% online application
  • Grants will be given up to $10,000 per applicant
  • This program is available for only 64 municipalities including Hoboken
With total funding for the program of $6,000,000, this program is expected for over 600 businesses to cover their often biggest expense.
The NJRA website provides all the information you need, including the following helpful links:

Lease Obligations for Eligibility

The potential applicant is eligible to receive assistance from the NJRA if the monthly lease obligations are current. As a small business owner, the tenant may have exhausted all their savings to avoid closure of the business.  The NJRA will also assist tenants, delinquent as of March 1, 2020.  To be eligible as a small business, the applicant’s leased premises must be less than 5,000 square feet of leasable space. Multiple locations leased by the same business shall be aggregated.

The Application

Tenant makes application and provides supporting documents (mainly copy of executed lease), but Landlord will need to be available to validate, receive the payment and confirm that the grant monies are being applied to lease payments.  Additional inquiries can be emailed to [email protected].

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