Establishes eligibility requirements for State small business set-aside program.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill clarifies the eligibility requirements for New Jersey’s small business set-aside program. Specifically, it states that businesses meeting certain federal revenue standards are exempt from employee size limitations. The bill also modifies how businesses calculate their gross revenue for eligibility purposes, using a five-year average for businesses with five or more years of operation, and a weighted average for those with less than five years. These changes aim to provide a more accurate assessment of a business’s size for program participation.
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