New Jersey A3159 prohibits economic development subsidies to businesses with overdue loans or loan guarantees.
New Jersey A3159 amends existing law to prevent State public bodies from awarding economic development subsidies to businesses that have overdue payments on previous loans or loan guarantees. Specifically, if a business has not paid the principal and interest on a prior economic development loan or loan guarantee for more than 24 months, it will not qualify for further subsidies. This change aims to ensure responsible financial practices among businesses receiving state support.
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