Archive for Tag: default

Assembly advances Webber bill stopping state subsidies to companies in default

TRENTON, N.J. – The Assembly voted to advance Assemblyman Jay Webber’s bill (A492) creating a standard definition of default across all loan programs to prevent the state from awarding additional subsidies to companies with a history of failing to pay. Current law prohibits the state from awarding a new subsidy...

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Committee clears Webber bill stopping subsidies to companies in default

TRENTON, N.J. – A bill sponsored by Assemblyman Jay Webber that would prevent companies in default from receiving additional state subsidies cleared the Assembly Commerce and Economic Development Committee today. Current law prohibits the state’s awarding a new subsidy when a company is in “default” on a prior subsidy loan. But...

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