NJ S1055

Creates the "New Jersey Emerging Business Advertising Grant Program" administered by the New Jersey Economic Development Authority to support advertising and marketing expenses for qualified businesses

Defines eligible "New Jersey emerging business" as a company with fewer than 225 employees, at least 75% of whom work in New Jersey, that operates, owns property, or maintains an office in the state

Grants are issued in amounts determined by the Authority on a rolling basis, subject to fund availability, and must be used exclusively for advertising and marketing costs

Recipients must submit annual audited financial statements to verify proper use of funds and continued eligibility as an emerging business

Grants will be converted to loans if the Authority determines a recipient improperly used the funds