Bipartisan legislation sponsored by Senate Republican Leader Tom Kean and Senator Anthony M. Bucco that would authorize the Economic Development Authority to issue emergency grants for businesses suffering from the COVID-19 crisis was signed into law today by the Governor.
The Governor signed legislation sponsored by Senator Republican Leader Tom Kean and Senator Anthony M. Bucco that will provide assistance to businesses suffering from the COVID-19 breakout. (SenateNJ.com)
The bill (A-3845/S-32284) was one of a large package of coronavirus relief measures fast-tracked through the Legislature and approved by the Senate during the session on Thursday.
“In an effort to slow the spread of the coronavirus through the population, the State has enacted a serious of hard restrictions that are already taking an incredible toll on business and workers who are losing hours and jobs,” said Kean (R-21). “The ongoing public health crisis is also a very real financial crisis for many people across the state, and this measure will help businesses survive the devastating punch of mandatory closings and social distancing. It’s obvious many employers will continue to experience severe hardships as this virus disrupts life in this state, and across the globe.”
The bill, cleared by the Assembly on Monday, allows EDA to make grants to business for the duration of emergencies declared by the Governor and to extend the deadlines on the submission of business documentations during the crisis period.
“In time this crisis will pass, and when it does, we want as many businesses as possible to be able to pick up where they left off before this virus disrupted every-day life,” said Bucco (R-25). “As part of a package of almost three dozen bills to help New Jerseyans cope with the effects of the pandemic, our bipartisan bill addresses the very real economic threat to employers by providing access to emergency funding, especially those in the hospitality and service industries, and the jobs they provide for so many families across New Jersey.”
Under the bill, EDA will be able to make grants to businesses and nonprofits impacted by the current COVID-19 emergency, and similar crises in the future.
If the state or federal governments commit relief funds for business impacted by disasters, a grant program could be implemented without further legislative delay.