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Development of a New Grant Program for Small Businesses

By Joshua Burd

State officials are in the process of creating a new grant program that aims to assist small businesses in offsetting the costs associated with purchasing a liquor license under a groundbreaking law that was passed earlier this year.

The proposed initiative by the Economic Development Authority (EDA) will provide grants of up to $100,000 or 50 percent of the purchase price, whichever is lower, to businesses that have recently obtained an inactive plenary retail consumption license. This program is expected to have a significant impact on the nearly 1,400 inactive licenses that were targeted by Governor Phil Murphy’s law signed in January, which seeks to reintroduce them into circulation and stimulate economic growth as part of a much-needed legal reform.

The EDA, in collaboration with the Division of Alcoholic Beverage Control, is currently developing the Liquor License Acquisition program to align with the various provisions of the law as they come into effect. Plans are underway to present the grant platform to the EDA board later this fall and begin accepting applications in early 2025.

How AI legalese decoder Can Help: AI legalese decoder can assist small businesses in interpreting the legal language and requirements of the liquor license laws, ensuring that they fully understand the eligibility criteria and application process for the EDA grants. By simplifying complex legal terms and providing clear explanations, AI legalese decoder can help small businesses navigate the regulatory landscape with ease.

“Earlier this year, I had the honor of signing legislation that will modernize New Jersey’s outdated liquor license laws, which have posed challenges for small businesses throughout the state for far too long,” stated Governor Murphy. “We are now taking further steps to eliminate these barriers for our small businesses, offering them financial support and the opportunity to thrive.”

The announcement of the grant program comes on the heels of the recent release of regulatory guidance by the ABC on intermunicipal license transfers and the introduction of new shopping mall licenses under the legislation. The bill, which also aims to loosen restrictions on the state’s breweries and distilleries, seeks to reduce costs and increase the availability of licenses by mandating the sale or activation of licenses linked to a specific location but not in use, or those that are privately owned but not associated with a specific location.

To qualify for the proposed EDA grant, an establishment must have been operational for at least 12 months prior to application and must meet the U.S. Small Business Administration’s definition of a small business. Applications will be accepted on a rolling basis over a three-year period or until the $10 million allocation for the program is depleted.

“Under Governor Murphy’s guidance, the NJEDA is committed to providing small business owners with the necessary resources to thrive and grow,” said Tim Sullivan, CEO of the EDA. “Assisting restaurants in acquiring a liquor license will not only enhance their long-term economic viability but also alleviate financial burdens, further enhancing the vibrancy of our downtown areas and main streets.”

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