On December 21, the New Jersey Senate and Assembly passed, A-4/S-3295 which establishes the "New Jersey Economic Recovery Act of 2020" and includes a total cap of $11.5 billion over six years for a variety of different incentive programs. The bill now sits on the Governor's desk and he is expected to sign it.

The legislation creates several programs including the NJ Emerge program, which takes the place of the Grow New Jersey program and proposes the NJ Aspire program, which replaces the Economic Redevelopment and Growth (ERG) gap financing program.

The legislation also includes $50 million for Main Street Recovery Finance Program as well as incentives for food retailers to locate their operations within food desert communities to provide access for healthy and nutritious food options.

The CCSNJ testified in support of this legislation on Friday, December 18 in both the Senate Budget and Appropriations Committee and the Assembly Appropriations Committee, speaking in favor of language regarding the transformational projects, and geographic considerations in the bill, which assures not just one area of the state reaps the benefits of these new programs.

To read the CCSNJ testimony, click here.

 If you have any questions, please contact Hilary Chebra, Manager of Government Affairs at hchebra@chambersnj.com.