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Bill > S2065

NJ S2065

NJ S2065
Requires EDA to establish program providing grants to certain chambers of commerce; appropriates $1.5 million.

summary

Introduced
01/09/2024
In Committee
01/09/2024
Crossed Over
Passed
Dead
01/12/2026

Introduced Session

2024-2025 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 programming and regular operations. The bill establishes 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, a chamber of commerce must serve a business community in an area larger than a single municipality. The EDA is required to establish application criteria, reporting requirements, and other policies necessary to administer the program and fund.

Committee Categories

Business and Industry

Sponsors (1)

Last Action

Introduced in the Senate, Referred to Senate Economic Growth Committee (on 01/09/2024)
(2 Companion Bills)

bill text

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bill summary

Document Type Source Location
State Bill Page https://www.njleg.state.nj.us/bill-search/2024/S2065
BillText https://pub.njleg.gov/Bills/2024/S2500/2065_I1.HTM
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