Prohibits awarding of economic development subsidy to business if payment of principal and interest on previously awarded loan or loan guarantee is greater than 24 months overdue.

Summary

The bill bars any New Jersey state public body from awarding a new economic development subsidy to a business that has an existing loan or loan guarantee more than two years overdue on principal and interest. It expands the current rule that only forbids subsidies when a business is in default. The change aims to protect state funds by ensuring financially troubled recipients do not receive additional support.

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