Bill > S3891

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 an infrastructure or construction project. The EDA will determine grant amounts based on operating expenses incurred during the closure. The bill requires the responsible project entity to contribute between zero and five percent of the total project costs to a dedicated fund to support affected businesses. The authority will develop an application process, establish reporting requirements, and collaborate with state and local entities to help businesses determine their eligibility. The Legislature may appropriate additional funds to support the program, and the grants will be awarded subject to fund availability. The goal is to provide financial relief to small businesses that suffer economic hardship due to prolonged public infrastructure and construction projects.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/S3891