On October 14, Hoboken Mayor Ravi Bhalla announced that 321 small businesses in Hoboken were awarded $1.82 million in funding. The funding was provided by money allocated to Hoboken from the Federal CARES Act. The money provided can be utilized by businesses for payroll, rent and mortgage payments, utilities, and any COVID-19 related expenses.
The CARES (Coronavirus Aid, Relief, and Economic Security) Act was passed by Congress on March 27. The federal relief package delivered over $2 trillion to small businesses, industries, and families impacted by the COVID-19 pandemic in the United States. Mayor Bhalla expressed thanks for federal support for local businesses, as he stated, “I’m hopeful that our federal elected officials will provide even more relief in the months ahead, as we continue to support our local mom and pop shops. Thank you to Senator Robert Menendez, Senator Cory Booker, and Congressman Albio Sires for fighting for CARES Act funding for our community.”
In order to qualify for CARES Act funding, Hoboken small businesses had to meet specific guidelines, established by Hudson County. This includes operating at the beginning of the pandemic, operating as a for-profit entity, having 25 employees or less, and being located in the City of Hoboken. According to these guidelines, Hoboken business owners must also be able to certify that their business has been negatively impacted by COVID-19 — either by seeing a loss of business operations or needing a material financial need caused by COVID-19 that could not be overcome without the benefit of the emergency funding. Small businesses were provided with funding of $2,000 per employee along with up to $20,000 in aid to cover expenses due to COVID-19. Any funds not used by Hoboken will be returned to Hudson County.
Hoboken has also provided relief for small businesses through the Hoboken Relief Fund, which has raised $410,000 for individuals and businesses impacted by the pandemic. The group, organized by Mayor Bhalla and co-chaired by Hoboken City Council members Phil Cohen and Jen Giattino, is Hoboken’s authorized means of COVID-19 relief.
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