Senator Girgenti in the News
Girgenti-Sarlo ‘Main Street Business Assistance Program' Signed Into Law
December 15, 2008
TRENTON – A bill sponsored by Senate Assistant Majority Leader John A. Girgenti and Senate Deputy Majority Leader Paul A. Sarlo which will establish the “Main Street Business Assistance Program” to support local small and mid-sized businesses in the State, was signed into law on December 15, 2008 by Governor Corzine.
“Through this law, we’re saying that no business is too small for some much-needed economic stimulus in New Jersey,” said Senator Girgenti, D-Passaic and Bergen. “In these trying economic times, we know that everyone is hurting, especially small and mid-sized businesses which have not benefitted from billion-dollar bailouts issued by the federal government. This law ensures that small and mid-sized business owners have access to the support they need to get through the current economic storm raging across the nation.”
The new law, S-4, will appropriate $50 million from the Surplus Revenue Fund to the Economic Recovery Fund to establish the “Main Street Business Assistance Program.” The program is designed to provide loans and guarantees to small and mid-size businesses and not-for-profit corporations to encourage community investment and grow the State’s economy during the current national economic crisis. Under the bill, the program will be administered by the New Jersey Economic Development Authority (EDA) for a period of two years, and the agency will be required to promulgate emergency rules to expedite the implementation of the program.
The bill was approved by the Senate in November, and received final legislative approval on December 15th in the Assembly.