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 help these businesses retool and expand their manufacturing capabilities, particularly in producing 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 the number of businesses assisted and jobs created or maintained. Additionally, the EDA will collaborate with the Business Action Center and other entities to promote the program and may accept private or public funding, provided it aligns with state laws.