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

Summary

An Assembly Commerce, Economic Development and Agriculture Committee statement to Assembly, No. 4971, State of New Jersey, dated December 16, 2024, reporting the bill favorably with committee amendments. The bill requires the New Jersey Economic Development Authority to establish a "Small Business Interruption Grant Program" for small businesses in low-income communities that suffered economic loss from prolonged infrastructure or construction projects by the State or another public entity. Grants would be awarded on a rolling basis, in amounts based on actual or projected revenue loss, and losses before or after the effective date qualify. The committee amendments propose to delete a $750,000 appropriation from the General Fund.

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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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