Bill Text: NJ S1055 | 2024-2025 | Regular Session | Introduced

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Bill Title: Establishes advertisement grant program for NJ emerging businesses.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2024-01-09 - Introduced in the Senate, Referred to Senate Economic Growth Committee [S1055 Detail]

Download: New_Jersey-2024-S1055-Introduced.html

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SENATE, No. 1055

STATE OF NEW JERSEY

221st LEGISLATURE

 

PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION

 

 

Sponsored by:

Senator  LINDA R. GREENSTEIN

District 14 (Mercer and Middlesex)

Senator  ANDREW ZWICKER

District 16 (Hunterdon, Mercer, Middlesex and Somerset)

 

 

 

 

SYNOPSIS

     Establishes advertisement grant program for NJ emerging businesses.

 

CURRENT VERSION OF TEXT

     Introduced Pending Technical Review by Legislative Counsel.

  

An Act establishing an advertisement grant program for New Jersey emerging businesses and supplementing P.L.1974, c.80 (C.34:1B-1 et seq.).

 

     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).

     "New Jersey emerging business" means a company with fewer than 225 employees, of whom at least 75 percent are filling a position in New Jersey, that is doing business, employing or owning capital or property, or maintaining an office in this State.

 

     2.    a.  The New Jersey Economic Development Authority shall develop and administer a "New Jersey Emerging Business Advertising Grant Program" to stimulate economic development in the State by supporting the advertising and marketing expenses of qualified business entities.

     b.    (1)  An applicant for a grant pursuant to this section shall apply to the authority, in a form and manner as determined by the authority, and shall include such information as the authority determines is necessary in consideration of the provisions of P.L.    , c.    (C.       ) (pending before the Legislature as this bill).

     (2)  In order to receive a grant from the authority pursuant to P.L.    , c.    (C.        ) (pending before the Legislature as this bill)the applicant shall:

     (a) be a New Jersey emerging business; and

     (b) comply with any other criteria established by the authority pursuant to rules and regulations adopted pursuant to section 3 of P.L.    , c.    (C.        ) (pending before the Legislature as this bill).

     (3)  The authority may approve applications for the grant program on a rolling basis, subject to the availability of funds and the rules and regulations adopted pursuant to section 3 of P.L.    , c.    (C.        ) (pending before the Legislature as this bill).

     c.     (1)  The grants provided under this section shall be issued in such amounts as the authority deems appropriate, subject to the terms and conditions prescribed by the authority.

     (2)  Subject to any additional terms or conditions that may be prescribed by the authority, each grant issued pursuant to this section shall be used exclusively to support advertising and marketing costs. 

     d.  The recipient of a program grant shall submit an audited financial statement to the authority on a yearly basis in order to ensure the applicant has properly used the grant and the applicant remains an eligible New Jersey emerging business until such time as all grant monies have been expended.

     If the authority determines that a recipient of a program grant improperly used the grant, the authority shall convert the grant to a loan pursuant to rules and regulations adopted by the authority pursuant to section 3 of P.L.    , c.    (C.        ) (pending before the Legislature as this bill).

 

     3.  The New Jersey Economic Development Authority shall adopt, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), rules and regulations necessary to effectuate the purposes of P.L.    , c.    (C.        ) (pending before the Legislature as this bill).

 

     4.  This act shall take effect immediately.

 

 

STATEMENT

 

     This bill requires the New Jersey Economic Development Authority (authority) to establish a "New Jersey Emerging Business Advertising Grant Program" to provide funds to New Jersey emerging businesses to support advertising and marketing expenses.

     The bill defines "New Jersey emerging business" to mean a company with fewer than 225 employees, of whom at least 75 percent are filling a position in New Jersey that is doing business, employing or owning capital or property, or maintaining an office in this State.  To qualify for the grant program, the business must be a New Jersey emerging business.  The authority would also be permitted to establish any other eligibility requirements that it deems appropriate.  Additionally, the authority would determine the amounts of each grant awarded under the program. 

     The bill also requires grant recipients to submit an audited financial statement to the authority to demonstrate compliance with the terms and conditions of the grant program on a yearly basis until all monies from the fund have been expended.  If a recipient improperly uses the grant, the authority would be required to convert the grant to a loan.