ASSEMBLY APPROPRIATIONS COMMITTEE
ASSEMBLY, No. 5707
STATE OF NEW JERSEY
DATED: MAY 18, 2021
The Assembly Appropriations Committee reports favorably Assembly Bill No. 5707.
This bill appropriates $50 million from the General Fund to the New Jersey Economic Development Authority (EDA) to support businesses and nonprofit organizations impacted by the COVID-19 pandemic.
In April 2021, the State enacted P.L.2021, c.46 to provide $15 million in federal funding to the EDA for disbursement to eligible businesses and nonprofit organizations impacted by the COVID-19 pandemic. This bill provides $50 million in additional State funding to support this program. As permitted under P.L.2021, c.46, the bill allows the EDA to transfer uncommitted funds to other programs administered by the authority to address the impact of the COVID-19 pandemic. The bill also allows a portion of these funds to be used for administrative expenses.
As a condition of receiving State funds, the bill also requires the EDA to submit a report to the Governor and the Legislature detailing the expenditure of program funds. At a minimum, the report would be required to indicate the number of businesses and nonprofit organizations that applied for financial assistance; the number of businesses and nonprofit organizations that received financial assistance; the amount of financial assistance provided to each recipient; and a brief description of each recipient.
This bill is not certified as requiring a fiscal note.