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Bill > S2422
NJ S2422
NJ S2422Requires certain funds from Main Street Recovery Fund to be used for grants for veteran-owned small businesses.
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 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 mandates that seven percent of the grant funds available through the Main Street Recovery Finance Program, administered by the New Jersey Economic Development Authority (EDA), must be specifically allocated to grants for eligible small businesses that are owned and controlled by veterans and service-disabled veterans, as defined by federal law (15 U.S.C. s.632(q)). The Main Street Recovery Fund, established under existing law, provides grants to eligible small businesses for purposes like capital improvements or operating expenses, contingent on legislative appropriations or the availability of federal funds. This amendment ensures a dedicated portion of these funds supports businesses owned by those who have served in the military.
Committee Categories
Military Affairs and Security
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Military and Veterans' Affairs Committee (on 01/13/2026)
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/2026/S2422 |
| BillText | https://pub.njleg.gov/Bills/2026/S2500/2422_I1.HTM |
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