Requires EDA to establish program providing grants to certain entertainment businesses; appropriates not less than $5 million.
Impact
Under this initiative, grants will be available to entertainment businesses suffering a reduction in revenue during a specified business period, beginning April 1, 2020. The calculated grant amount will be 15% of the reduction in gross revenue compared to the same quarter in the previous year. Specific caps are established for different categories of businesses based on their size and facility characteristics. This financial assistance is particularly aimed at venues that have indoor operations, aiding businesses such as amusement parks, family entertainment centers, and other related operators who had to limit capacity or could not operate due to public health orders.
Summary
Assembly Bill A576, also known as the 'New Jersey Pandemic Entertainment Grant Program,' mandates the establishment of a grant program by the New Jersey Economic Development Authority (EDA) aimed at supporting qualified entertainment businesses affected by COVID-19. The bill allocates a minimum of $5 million from the General Fund to facilitate this grant program, which intends to assist businesses that have faced significant revenue losses due to pandemic-related restrictions.
Contention
The bill's provisions seek to counter the economic impacts of the pandemic on the entertainment sector, which has been among the hardest hit by forced closures and capacity limitations. While the intention is to provide critical support, discussions around the bill raise concerns about the distribution of funds and potential gaps that may leave some businesses without assistance. Furthermore, the bill includes requirements that businesses receiving grants cannot have received aid from other federal support programs, possibly leaving some operators unassisted if they had alternative funding avenues.
Implementation
The EDA will be responsible for administering the grant program, creating application procedures, reporting criteria for grantees, and managing the associated fund. The authority also has the power to establish rules and regulations to ensure the effective rollout of this program, with regulations to be adopted or amended in accordance with existing legislative mandates. The aim is to facilitate immediate assistance while setting a foundation for enduring support for a struggling sector.
Establishes EDA grant program to support increased business expenses incurred by certain businesses impacted by certain public highway projects; appropriates $1 million.
Establishes EDA grant program to support increased business expenses incurred by certain businesses impacted by certain public highway projects; appropriates $1 million.
Establishes programs in EDA to support New Jersey-based start-up, small businesses, and medium-sized businesses adopting artificial intelligence capabilities; appropriates $175.5 million.
Creates "Manufacturing Reboot Program" in EDA to provide financial assistance to certain manufacturing businesses; makes $10 million appropriation to EDA.
Establishes Inclusive Workplaces Program in EDA to provide grants and tax credits to encourage employer investment in workspaces inclusive of neurodivergent employees; appropriates $2.5 million.
Establishes Urban Enterprise Zone Microloan Program in EDA to help certain businesses in Urban Enterprise Zones and UEZ-Impacted districts; appropriates $5 million.