This bill establishes the New Jersey Emerging Business Advertising Grant Program, which is designed to support advertising and marketing expenses for qualified New Jersey emerging businesses. The bill defines a New Jersey emerging business as a company with fewer than 225 employees, with at least 75 percent of those employees working in New Jersey. To qualify for the grant, businesses must meet this definition and any additional criteria set by the New Jersey Economic Development Authority (the authority). The authority will administer the program, approving grant applications on a rolling basis based on available funds.

Grant recipients are required to submit an audited financial statement annually to ensure proper use of the funds and continued eligibility as a New Jersey emerging business. If the authority finds that a recipient has misused the grant, it has the authority to convert the grant into a loan. The bill also mandates that the authority adopt necessary rules and regulations to implement the program effectively. The act is set to take effect immediately upon passage.