Bill Text: NJ S2555 | 2020-2021 | Regular Session | Introduced

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Bill Title: Appropriates $100 million to EDA from federal funds for small business assistance.

Spectrum: Moderate Partisan Bill (Republican 4-1)

Status: (Introduced - Dead) 2020-06-08 - Introduced in the Senate, Referred to Senate Economic Growth Committee [S2555 Detail]

Download: New_Jersey-2020-S2555-Introduced.html

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SENATE, No. 2555

STATE OF NEW JERSEY

219th LEGISLATURE

 

INTRODUCED JUNE 8, 2020

 

 

Sponsored by:

Senator  DECLAN J. O'SCANLON, JR.

District 13 (Monmouth)

Senator  MICHAEL L. TESTA, JR.

District 1 (Atlantic, Cape May and Cumberland)

 

Co-Sponsored by:

Senators Oroho and Thompson

 

 

 

 

SYNOPSIS

     Appropriates $100 million to EDA from federal funds for small business assistance.

 

CURRENT VERSION OF TEXT

     As introduced.

  

An Act allocating federal funding for small business assistance, and making an appropriation.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    There is appropriated from the General Fund to the New Jersey Economic Development Authority the sum of $100 million from a portion of those federal block grant funds allocated to the State from the federal "Coronavirus Relief Fund," established pursuant to the federal "Coronavirus Aid, Relief, and Economic Security Act," Pub.L.116-136, for use by the authority to provide financial support, such as loans or grants, to small businesses for the costs associated with business operation interruptions caused by any State-required closures due to the impacts of the COVID-19 pandemic.

 

     2.    This act shall take effect immediately.

 

 

STATEMENT

 

     This bill makes a $100 million appropriation to the EDA from a portion of those federal block grant funds allocated to the State from the federal "Coronavirus Relief Fund," established pursuant to the federal "Coronavirus Aid, Relief, and Economic Security (CARES) Act," Pub.L.116-136, for use by the EDA to provide financial support, such as loans or grants, to small businesses generally for the costs associated with business operation interruptions caused by any State-required closures due to the impacts of the COVID-19 pandemic.