New Jersey Assembly Bill A5688

New Jersey 2022-2023 Regular Session

• Introduced: 11/20/23
• Refer: 11/20/23

Caption

Requires EDA to establish program providing grants to certain chambers of commerce; appropriates $1.5 million.

Impact

The implementation of this bill is expected to significantly impact the financial health of chambers of commerce in New Jersey, as many businesses continue to struggle with the aftereffects of the COVID-19 pandemic. By offering financial assistance, the EDA aims to strengthen these organizations' ability to support their business communities effectively. This program's focus on areas larger than a single municipality ensures that the aid reaches broader communities, thereby maximizing potential recovery efforts across various regions.

Summary

Assembly Bill A5688 mandates the New Jersey Economic Development Authority (EDA) to establish a program to provide grants to certain chambers of commerce, aimed at aiding their financial recovery post-COVID-19. The bill allocates $1.5 million from the General Fund to create the 'New Jersey Business Recovery Fund', which will enable qualified chambers of commerce to receive grants for programming and operational expenses. Grants awarded under this program will not exceed $25,000 per chamber.

Contention

Noteworthy points of contention surrounding A5688 may include concerns about the program's eligibility criteria for chambers of commerce and the potential for some entities to be left out of receiving aid. Additionally, the expedited rule-making process that allows the authority to adopt regulations without prior public notice could lead to criticism regarding transparency and stakeholder involvement. Critics may argue that such an approach prevents thorough community input, which is essential when distributing public funds among various chambers.