Sen. Bob Menendez joined Hudson County Executive Tom DeGise and Hoboken Mayor Ravi Bhalla in unveiling $1.9 million in federal funding for the city under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The funding was designed to help small businesses in Hoboken as they work to reopen and recover from the economic fallout stemming from the COVID-19 pandemic.
“Our small businesses are hurting. Many that have reopened aren’t yet at full capacity. And relieving some of the burden will only help small businesses and, ultimately, our economy recover,” said Sen. Menendez.
Grants for Small Businesses
Small businesses in the city can apply for grants of up to $20,000. The funding could be applied to costs including payroll, rent, utilities, and mortgages.
Small businesses in the city have already received tens of millions of dollars through the Small Business Administration’s Paycheck Protection Program (PPP). The PPP was designed to cover payroll-related expenses during the public emergency.
“We need to support the neighborhood businesses that are the foundation of our community and I’m pleased that this CARES Act funding is making its way to those who need it,” said Rep. Albio Spires.
Funding Opportunity for Expanded Testing, More
Hoboken will be eligible for up to $5.5 million in reimbursements for a variety of COVID-19 expenses.
The $5.5 million could cover costs related to expanded testing regimens, food programs for seniors, disinfection processes for public buildings, and more.
However, Sen. Menendez noted there remained a need for federal assistances, as rising costs and dipping revenues are constraining budgets.
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