Sponsored by:
Assemblyman GORDON M. JOHNSON
District 37 (Bergen)
Assemblyman ROY FREIMAN
District 16 (Hunterdon, Mercer, Middlesex and Somerset)
Assemblyman JOHN ARMATO
District 2 (Atlantic)
Co-Sponsored by:
Assemblywoman McKnight, Assemblymen Stanley, Benson, Assemblywomen Vainieri Huttle, Reynolds-Jackson, Assemblyman Zwicker, Assemblywoman Downey, Assemblymen Houghtaling, Bergen and Moen
SYNOPSIS
Makes $25 million in federal funds available to EDA to support microbusinesses in need.
CURRENT VERSION OF TEXT
As reported by the Assembly Commerce and Economic Development Committee on March 8, 2021, with amendments.
1[A Supplement to the Fiscal Year 2021 appropriations act, P.L.2020, c.97] An Act making federal funding available to the New Jersey Economic Development Authority to support microbusinesses in need1.
Be It Enacted by the Senate and the General Assembly of the State of New Jersey:
1[1. In addition to the amounts appropriated under P.L.2020, c.97, the annual appropriations act for Fiscal Year 2021, there is appropriated the following sum for the purpose specified:
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82 DEPARTMENT OF THE TREASURY 50 Economic Planning, Development, and Security 51 Economic Planning and Development
GRANTS-IN-AID |
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38-2043 |
Economic Development………………………………………… |
$25,000,000 |
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Total Grants-in-Aid Appropriation, Economic Planning And Development ……………………………………….. |
$25,000,000 |
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Grants-in-Aid: |
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38 |
Coronavirus Relief Fund – Assistance to Microbusinesses, EDA............................ |
($25,000,000) |
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The amount hereinabove appropriated for Coronavirus Relief Fund – Assistance to Microbusinesses, EDA shall be allocated from a portion of federal block grant funds allocated to the State from the federal “Coronavirus Relief Fund” established pursuant to the federal “Coronavirus Aid, Relief, and Economic Security Act (CARES Act),” Pub.L.116-136, or any other federal funds made available to the State in response to the coronavirus disease 2019 (COVID-19) pandemic.
The amount hereinabove appropriated
for Coronavirus Relief Fund –Assistance to
Microbusinesses, EDA shall be allocated by the New Jersey Economic Development
Authority to entities located in the State that produce goods or provide
services and have 10 or fewer full-time equivalent employees. The New Jersey Economic Development Authority shall
establish minimum grant eligibility criteria and the size of the grant awards
to meet the needs of the grantee entities in responding to the public health
crisis.]1
11. a. Subject to the availability of federal funds provided or made accessible to the State via federal block grant funds allocated to the State from the federal “Coronavirus Relief Fund” established pursuant to the federal “Coronavirus Aid, Relief, and Economic Security Act (CARES Act),” Pub.L.116-136, or any other federal funds made available to the State in response to the coronavirus disease 2019 (COVID-19) pandemic, $25,000,000 from such federal funds shall be made available to the New Jersey Economic Development Authority for the purposes set forth in subsection b. of this section.
b. The funds made available to the New Jersey Economic Development Authority pursuant to subsection a. of this section shall be reserved by the authority to provide financial support, by way of grants to eligible microbusinesses.
c. The New Jersey Economic Development Authority shall establish the size of the awards and eligibility of entities in subsection b. of this section to meet the needs of the microbusinesses in responding to the public health crisis.
d. As used in this section “eligible microbusiness” means an entity located in the State that produces goods or provides services and has 10 or fewer full-time equivalent employees.1
2. This act shall take effect immediately.