Bill
Bill > A5688
NJ A5688
NJ A5688Requires EDA to establish program providing grants to certain chambers of commerce; appropriates $1.5 million.
summary
Introduced
11/20/2023
11/20/2023
In Committee
11/20/2023
11/20/2023
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
This bill requires the New Jersey Economic Development Authority (authority) to establish and maintain the "New Jersey Business Recovery Grant Program" (program) to provide grants to qualified chambers of commerce for programming and regular operations. Following the COVID-19 public health emergency, many businesses based in New Jersey need assistance in their financial recovery. This bill requires the authority to establish the program and establishes the "New Jersey Business Recovery Fund" (fund) to provide grant funding for the program, alongside any other funds which may be appropriated or available to the authority for this purpose. The bill appropriates $1.5 million from the General Fund to the authority for the program. To qualify for grant funding under the bill, a chamber of commerce is required to serve a business community in this State, in an area larger than a singular municipality. Such a grant may not exceed $25,000. The authority is required to establish application criteria and procedures; reporting requirements for a qualified chamber of commerce; and any other policy necessary to implement the program and fund.
AI Summary
This bill requires the New Jersey Economic Development Authority (EDA) to establish the "New Jersey Business Recovery Grant Program" to provide grants of up to $25,000 to qualified chambers of commerce in the state for their programming and regular operations. The bill creates the "New Jersey Business Recovery Fund" to provide the grant funding and appropriates $1.5 million from the General Fund to the EDA for this purpose. To qualify for a grant, a chamber of commerce must serve a business community in an area larger than a single municipality. The EDA is required to establish application procedures, reporting requirements, and other policies necessary to implement the program.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced, Referred to Assembly Commerce and Economic Development Committee (on 11/20/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/A5688 |
| BillText | https://pub.njleg.gov/Bills/2022/A9999/5688_I1.HTM |
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