"Economic Emergency Investment Stabilization Act"; allows EDA to invest in businesses impacted by major economic emergencies.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill establishes a program allowing the New Jersey Economic Development Authority (EDA) to invest in businesses significantly impacted by major economic emergencies. It creates an ‘Economic Emergency Investment Stabilization Program’ and a corresponding fund to provide equity investments to qualified businesses. The program aims to bolster the financial stability of businesses facing economic hardship due to emergencies like natural disasters or economic downturns. The EDA will match investments made by businesses with its own funds, up to a certain limit.
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