The proposed bill establishes the "New Jersey Manufacturing Reboot Program" within the New Jersey Economic Development Authority (EDA) to provide financial assistance to qualified manufacturing businesses adversely affected by the COVID-19 pandemic. The program aims to support these businesses in developing new products or expanding their manufacturing capabilities, particularly those that can pivot to produce healthcare-related products, including medical devices, personal protective equipment, and vaccines. The EDA will prioritize assistance for businesses facing reduced sales revenues and at risk of discontinuing operations, with grant awards ranging from $25,000 to $150,000 based on the business's market potential and economic impact.

The bill appropriates $10 million from the General Fund for the program, with $5 million designated for businesses involved in vaccine production and the other $5 million for those producing other healthcare products. The EDA is required to ensure that grant awards are revenue neutral to the state and to report annually on the program's effectiveness, including metrics such as job creation and capital investment. Additionally, businesses receiving grants must provide quarterly reports on employment levels and expenditures. The EDA is also authorized to seek additional funding through gifts or grants, provided they do not conflict with existing state laws.