N.J. Stat. § 34:1B-350

Current through L. 2024, c. 62.
Section 34:1B-350 - Definitions

As used in sections 82 through 88 of P.L. 2020, c. 156(C.34:1B-349 et al.):

"Authority" means the New Jersey Economic Development Authority established by section 4 of P.L. 1974, c.80 (C.34:1B-4).

"Board" means the Board of the New Jersey Economic Development Authority, established by section 4 of P.L. 1974, c.80 (C.34:1B-4).

"Eligible microbusiness" means a business enterprise located in the State that produces goods or provides services and has fewer than 10 full-time employees and annual gross revenue of less than $1,500,000 at the time of application for a loan under the program.

"Eligible small business" means any business that satisfies the criteria set forth in subsection b. of section 85 of P.L. 2020, c. 156(C.34:1B-352) at the time of application for a grant under the program.

"Program" means the Main Street Recovery Finance Program established pursuant to section 84 of P.L. 2020, c. 156(C.34:1B-351).

"Small business" means a business engaged in the conduct of a trade or business in this State that qualifies as a "small business concern" within the meaning of the federal "Small Business Act," Pub.L. 85-536(15 U.S.C. § 631 et seq.) for the purpose of the small business's eligibility assistance from the United States Small Business Administration.

N.J.S. § 34:1B-350

Added by L. 2021, c. 160, s. 39, eff. 7/2/2021.