Sponsored by:
Assemblywoman SERENA DIMASO
District 13 (Monmouth)
Assemblyman HAROLD "HAL" J. WIRTHS
District 24 (Morris, Sussex and Warren)
Assemblywoman NANCY F. MUNOZ
District 21 (Morris, Somerset and Union)
SYNOPSIS
Appropriates $300 million to EDA for small business and not-for-profit organization assistance for COVID-19 pandemic related business interruptions and modifications.
CURRENT VERSION OF TEXT
As introduced.
An Act allocating funding for small business and not-for-profit organization assistance for to cover expenses related to COVID-19 pandemic business interruptions and modifications, and making an appropriation.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. There is appropriated from the General Fund to the New Jersey Economic Development Authority the sum of $300 million, first, if available, from a portion of those 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,” Pub.L.116-136, for use by the authority to provide financial support, such as loans or grants, to small businesses and not-for-profit organizations for the costs associated with business operation interruptions caused by any State-required closures due to the impacts of the COVID-19 pandemic or costs associated with modifying normal business operations to adhere to State or federal guidance and restrictions related to the COVID-19 pandemic, including, but not limited to, the purchase of protective equipment and alterations to the business’s real property to ensure the safety of employees and customers.
2. This act shall take effect immediately.
STATEMENT
This bill makes a $300 million appropriation to the EDA, first, if available, from a portion of those 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 (CARES) Act,” Pub.L.116-136, for use by the EDA to provide financial support, such as loans or grants, to small businesses and not-for-profit organizations generally for the costs associated with business operation interruptions caused by any State-required closures due to the impacts of the COVID-19 pandemic or costs associated with modifying normal business operations to adhere to State or federal guidance and restrictions related to the COVID-19 pandemic, including, but not limited to, the purchase of protective equipment and alterations to the business’s real property to ensure the safety of employees and customers.