Bill > A4971

This bill establishes a Small Business Interruption Grant Program through the New Jersey Economic Development Authority (EDA) to provide financial assistance to small businesses that experience extended closures due to prolonged state or public infrastructure and construction projects. The program defines a small business as an independently owned and operated business with fewer than 10 employees and annual gross revenues of $1,500,000 or less. To qualify for a grant, a business must demonstrate economic loss from an extended closure (defined as a closure lasting one month or more) caused by a state or public infrastructure project. The EDA will determine grant amounts based on operating expenses incurred during the closure. The bill requires the EDA to develop an application process, establish reporting requirements, and collaborate with state and local entities to provide project timeframe details. Notably, the bill mandates that the entity responsible for each infrastructure project contribute between zero and five percent of the project's estimated total costs to a dedicated fund that will support these grants. The program aims to provide financial relief to small businesses that suffer economic hardship due to disruptive public construction projects, helping them maintain their operations during extended closures.

Budget and Finance, Business and Industry, Government Affairs

https://www.njleg.state.nj.us/bill-search/2024/A4971