Prohibits awarding of economic development subsidy to business if payment of principal and interest on previously awarded loan or loan guarantee is greater than 24 months overdue.

This bill prohibits New Jersey state agencies from granting new economic development subsidies to businesses that have a previously awarded state loan or loan guarantee with principal and interest payments overdue for more than 24 months. It directly affects businesses that received prior state economic development loans or guarantees but are significantly behind on repayments. The key change updates current law by setting a specific 24-month overdue threshold instead of relying on a general "default" definition. The policy applies to all state public bodies (like agencies or authorities) awarding subsidies exceeding $25,000 for economic development purposes.