The resolution designates August of each year as "Black Business Month" in New Jersey to promote and support Black-owned businesses, which are vital to the state's economy. It highlights that Black-owned businesses represent approximately 10 percent of all businesses in the U.S., with a significant portion being female-owned. Despite their rapid growth, the percentage of Black-owned businesses remains lower than the proportion of Black Americans in the population. The resolution emphasizes that increasing the number of Black-owned businesses can enhance economic freedom for Black Americans and benefit the overall economy, particularly in light of the economic disadvantages faced by the Black community.

The resolution also addresses the disproportionate impact of the COVID-19 pandemic on Black business owners, noting that a higher percentage of these businesses closed compared to their white counterparts. It calls for the Governor to issue an annual proclamation recognizing August as Black Business Month and encourages educational and cultural institutions to observe the month with relevant activities. By establishing this observance, the resolution aims to create awareness and support for Black business owners, ultimately working towards alleviating economic challenges faced by the Black community in New Jersey.