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Assembly Commerce, Economic Development and Agriculture Committee Statement, No. 4971 (December 16, 2024)

Summary

Assembly Commerce, Economic Development and Agriculture Committee statement to Assembly, No. 4971 with committee amendments, State of New Jersey, dated December 16, 2024. The committee reports favorably, with committee amendments, Assembly Bill No. 4971, which as amended requires the New Jersey Economic Development Authority (EDA) to establish a “Small Business Interruption Grant Program” to provide grants to small businesses in low-income communities that have suffered economic loss due to prolonged infrastructure or construction projects. The statement says the amount of any grant is to be determined by the EDA based on actual or projected revenue loss. It says the committee amendments propose to delete a proposed appropriation of $750,000 from the General Fund to the EDA for the program.

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“Assembly Commerce, Economic Development and Agriculture Committee Statement, No. 4971 (December 16, 2024).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2024-12-16-ace-a4971-s1-0d96a5c35f/, SHA-256 c699a15cd3c8020219bd253f187e35308c7395360dce465001c6d02e3ba82072.

Full text

ASSEMBLY COMMERCE, ECONOMIC DEVELOPMENT AND
           AGRICULTURE COMMITTEE

                          STATEMENT TO

                     ASSEMBLY, No. 4971
                         with committee amendments



       STATE OF NEW JERSEY
                        DATED: DECEMBER 16, 2024

          The Assembly Commerce, Economic Development and
      Agriculture Committee reports favorably, with committee
      amendments, Assembly Bill No. 4971.
          As amended, this bill requires the New Jersey Economic
      Development Authority (EDA) to establish a “Small Business
      Interruption Grant Program” (program) to provide grants to small
      businesses in low-income communities that have suffered economic
      loss due to prolonged infrastructure or construction projects
      undertaken by the State or other public entity. The bill requires EDA
      to: develop an application by which a small business may apply for a
      grant, award grants to small businesses on a rolling basis subject to
      availability of funds, administer the grant program, and establish and
      maintain a “Small Business Interruption Grant Program Fund” to
      provide grants to small businesses that participate in the program.
          A small business would be eligible to apply for a grant under the
      bill for suffering an economic loss due to prolonged infrastructure or
      construction projects which occurred either before or after the bill’s
      effective date. Under the bill, the amount of any grant awarded to a
      small business is to be determined by the EDA based on the amount of
      actual or projected revenue loss as a result of closures or declines in
      business due to a prolonged infrastructure or construction project.

      COMMITTEE AMENDMENTS:
         Committee amendments propose to delete from the bill a proposed
      appropriation of $750,000 from the General Fund to the New Jersey
      Economic Development Authority for the purposes of the program.

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