Bill > A5708

Introduced Session

This bill establishes a Startup Business and Nonprofit Assistance Program in the New Jersey Economic Development Authority (EDA) to support the creation and development of new businesses and nonprofit organizations following the COVID-19 pandemic. The bill also appropriates $25 million from the General Fund to support the program. Under the program, the EDA would provide grants to businesses and nonprofit organizations that commenced operations after the issuance of Executive Order No. 103 of 2020 (i.e., March 9, 2020), and which employ 50 or fewer full-time employees. Program grants would be awarded according to guidance issued by the EDA. However, the bill requires the EDA to prioritize new businesses and nonprofit organizations that physically occupy commercial properties, such as retail storefronts, that have become vacant or under-utilized during the COVID-19 pandemic. The bill also requires the EDA to award grants with a sense of urgency to minimize the economic disruption caused by the COVID-19 pandemic and to spur economic recovery following the pandemic. Additionally, the bill requires the EDA to conduct regular outreach efforts to publicize the availability of financial assistance under the program. The EDA would also be required to submit an annual report to the Governor and the Legislature detailing the expenditure of program funds. Under the bill, the EDA is permitted to transfer any uncommitted funds to certain other programs administered by the authority to address the impact of the COVID-19 pandemic. The bill also allows the EDA to retain a portion of the appropriated funds to defray administrative expenses.

AI Summary

Committee Categories

Dawn Addiego (D)*,  Linda Carter (D)*,  Joe Lagana (D)*,  Sterley Stanley (D)*,  Andrew Zwicker (D)*,  John Armato (D),  Bob Auth (R),  Jim Beach (D),  Daniel Benson (D),  Chris Brown (R),  Tony Bucco (R),  Richard Codey (D),  Joe Cryan (D),  Sandra Cunningham (D),  DeAnne DeFuccio (R),  Patrick Diegnan (D),  JoAnn Downey (D),  Roy Freiman (D),  Nia Gill (D),  Linda Greenstein (D),  Angelica Jimenez (D),  Gordon Johnson (D),  Yvonne Lopez (D),  Fred Madden (D),  Vincent Mazzeo (D),  John McKeon (D),  Raj Mukherji (D),  Steven Oroho (R),  Nellie Pou (D),  Ronald Rice (D),  Teresa Ruiz (D),  Nicholas Sacco (D),  Paul Sarlo (D),  Nick Scutari (D),  Troy Singleton (D),  Bob Smith (D),  Parker Space (R),  Brian Stack (D),  Lisa Swain (D),  Stephen Sweeney (D),  Britnee Timberlake (D),  Chris Tully (D),  Shirley Turner (D),  Valerie Vainieri Huttle (D),  Joe Vitale (D),  Loretta Weinberg (D),  Harold Wirths (R), 

Approved P.L.2021, c.115. (on 06/22/2021)

Official Document