Sponsored by:
Assemblywoman HEATHER SIMMONS
District 3 (Cumberland, Gloucester and Salem)
Assemblyman DAVID BAILEY, JR.
District 3 (Cumberland, Gloucester and Salem)
SYNOPSIS
Requires EDA to provide grants to certain small businesses affected by State infrastructure and construction projects; appropriates $750,000.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning small business grants, supplementing P.L.1974, c.80 (C.34:1B-1 et seq.), and making an appropriation.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. As used in P.L. , c. (C. ) (pending before the Legislature as this bill):
Authority means the New Jersey Economic Development Authority established pursuant to section 4 of P.L.1974, c.80 (C.34:1B-4).
Fund means the Small Business Interruption Grant Program Fund, established pursuant to section 3 of P.L. , c. (C. ) (pending before the Legislature of this bill).
Low-income community means a municipality in this State with a total population of less than 10,000 and a poverty rate of greater than 7.5 percent.
Program means the Small Business Interruption Grant Program, established pursuant to section 2 of P.L. , c. (C. ) (pending before the Legislature of this bill).
Small business means a business that is independently owned and operated, employs fewer than 100 individuals and suffered economic loss due to a prolonged infrastructure or construction project undertaken by the State or other public entity.
2. a. The New Jersey Economic Development Authority shall establish a Small Business Interruption Grant Program, for the purpose of awarding grants to small businesses in low-income communities that suffered economic loss due to prolonged infrastructure or construction projects undertaken by the State or other public entity.
b. To qualify for the grant program, a small business shall demonstrate to the authority that the small business:
(1) meets the definition of small business pursuant to section 1 of P.L. , c. (C. ) (pending before the Legislature as this bill);
(2) is located within a low-income community in this State;
(3) has suffered economic loss due to a prolonged infrastructure or construction project undertaken by the State or other public entity before or after the effective date of P.L. , c. (C. ) (pending before the Legislature as this bill); and
(4) meets any other eligibility requirement that the authority deems appropriate.
c. The amount of any grant awarded to a small business shall be determined by the authority 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.
d. The authority shall develop an application by which a small business may apply for a grant. Upon application to the authority in the manner and form established pursuant to this section, the authority shall award a grant to a small business on a rolling basis, subject to availability of funds.
e. In administering the program and the fund established pursuant to section 3 of P.L. , c. (C. ) (pending before the Legislature as this bill), the authority shall establish:
(1) procedures and timelines for applications for the program, approvals thereof, and the disbursement of grants from the fund to small businesses;
(2) any reporting requirements for a small business that has received a grant through the program; and
(3) any other policies deemed necessary by the authority for the administration of the program and the fund.
3. The authority shall establish and maintain a fund, known as the Small Business Interruption Grant Program Fund, to provide grants to small businesses that participate in the program and to administer the program. The fund shall be credited with such monies as may be appropriated or made available to the authority for the purpose of the fund.
4. a. There is appropriated the sum of $750,000 from the General Fund to the New Jersey Economic Development Authority for deposit into the Small Business Interruption Grant Program Fund, established pursuant to section 3 of P.L. , c. (C. ) (pending before the Legislature as this bill).
b. In addition to the amounts appropriated pursuant to subsection a. of this section, the Legislature may appropriate such additional funds as may be necessary for the implementation of P.L. , c. (C. ) (pending before the Legislature as this bill). The New Jersey Economic Development Authority may also utilize other such funds as are available for implementation of P.L. , c. (C. ) (pending before the Legislature as this bill).
5. Notwithstanding any provision of the Administrative Procedure Act, P.L.1968, c.410 (C.52:14B-1 et seq.) or any other law to the contrary, the authority shall adopt such rules and regulations as the authority deems necessary to implement the provisions of this act. The regulations shall, at a minimum, set forth the requirements for application submissions, the criteria for application selections, the permitted uses of grant proceeds, and the period of time prior to the effective date of P.L. , c. (C. ) (pending before the Legislature as this bill) for which a small business may apply for a grant under the program for economic loss suffered due to a prolonged infrastructure or construction project undertaken by the State or other public entity that occurred before the effective date of P.L. , c. (C. ) (pending before the Legislature as this bill). The regulations shall thereafter be amended, adopted, or readopted by the authority in accordance with the provisions of the Administrative Procedure Act, P.L.1968, c.410 (C.52:14B-1 et seq.).
6. This act shall take effect immediately.
STATEMENT
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 that occurred before or after t