A 4016 New Jersey General Assembly · 2024-2025 Regular Session

Creates "Manufacturing Reboot Program" in EDA to provide financial assistance to certain manufacturing businesses; makes $10 million appropriation to EDA.

This bill creates the "Manufacturing Reboot Program" within New Jersey's Economic Development Authority (EDA) to provide financial assistance to qualifying manufacturing businesses affected by the pandemic. It directly targets businesses operating in New Jersey with specific criteria: they must pay above-average salaries, provide health benefits, and be at risk of discontinuing operations due to pandemic impacts. The program offers grants ranging from $25,000 to $150,000 per business for equipment, payroll, or employee training, prioritizing those retooling to produce healthcare products like vaccines, PPE, or medical devices. The bill appropriates $10 million from the state General Fund - $5 million specifically for vaccine manufacturing and $5 million for other healthcare products - to fund these grants, with recipients required to report quarterly on employment and fund usage.
Bill status in committee 1 of 4 stages cleared
Introduction
Mar 2024
Committee Review
Floor Vote
Governor
Introduced Mar 7, 2024 Last action Mar 7, 2024
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Mar 7, 2024
Introduced
Introduced in the Assembly, Referred to Assembly Commerce, Economic Development and Agriculture Committee
lower
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Tennille McCoy
Tennille McCoy
DDemocratic
NJ
14