Bill > S2473

Introduced Session

This bill expands a small business loan program (loan program) administered by the New Jersey Economic Development Authority (authority) to include an "eligible not-for-profit corporation," as that term is defined in the bill, as a qualified small business eligible for participation in the loan program. Loans offered under the loan program to qualified small businesses during the Coronavirus disease of 2019 are to be made at a low rate of interest, as determined by the authority. Under this loan program, the loan proceeds are only to be used by eligible small businesses during this period for an "eligible operating expense," as that term is defined in the bill. Further, the bill provides that loans offered during the Coronavirus disease of 2019 to small-size businesses and not-for-profit corporations qualifying under the "Main Street Business Assistance Program" (assistance program), also administered by the authority, are to be made at a low rate of interest, as determined by the authority. The bill transfers to section 3 of P.L.2011, c.201 (C.34:1B-241.3) existing rulemaking authority added by section 3 of P.L.2019, c.240 and repeals this duplicative provision.

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Linda Greenstein (D)*,  Joe Vitale (D)*, 

Introduced in the Senate, Referred to Senate Economic Growth Committee (on 05/11/2020)