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.

This bill (A 3159) prohibits New Jersey state agencies from granting new economic development subsidies to businesses that previously received a loan-based subsidy but have not paid the principal and interest on that loan for more than 24 months. It directly affects businesses that received prior state loan or loan guarantee subsidies but are significantly behind on repayments. The key change amends existing law by replacing the requirement of "default" with a specific 24-month overdue threshold for loan payments. This policy adjustment applies to subsidies valued at over $25,000 intended to stimulate economic development. The bill does not alter current eligibility rules for businesses not in this overdue repayment category.