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Bill > A2742
NJ A2742
NJ A2742Requires certain funds from Main Street Recovery Fund to be used for grants for veteran-owned small businesses.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill requires certain funds from the Main Street Recovery Fund to be used for grants for veteran-owned small businesses. Pursuant to current law, as part of the Main Street Recovery Finance Program, the New Jersey Economic Development Authority provides grants to eligible small businesses from the Main Street Recovery Fund, subject to appropriation or the availability of federal funds. This bill requires seven percent of the grant funds to be made available to eligible small businesses that are owned and controlled by veterans and service-disabled veterans as defined at 15 U.S.C. s.632(q).
AI Summary
This bill requires that 7% of the grant funds from the Main Street Recovery Fund be made available to eligible small businesses that are owned and controlled by veterans and service-disabled veterans, as defined by federal law. The Main Street Recovery Finance Program, administered by the New Jersey Economic Development Authority, provides grants to eligible small businesses subject to appropriation or the availability of federal funds. The bill maintains the existing requirements for small businesses to be eligible for these grants, including demonstrating tax compliance and paying a minimum wage to workers.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee (on 01/09/2024)
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/2024/A2742 |
| BillText | https://pub.njleg.gov/Bills/2024/A3000/2742_I1.HTM |
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