The application for this program is under development, and will open on April 6, 2021. Once launched, applications will be rolling for both Applicants and Vendors, with vouchers reserved on a first-come, first-serve basis until all funds are reserved. Voucher amounts are capped at 100% of vehicle cost. Applicant may not exceed 10% of total voucher budget (i.e., $1.5 million) to ensure equitable distribution of resources. $5 million will be set aside for small and micro businesses, to ensure equitable access to funding. Details of the application process will be provided as the program is finalized for launch.
Pilot Program Application Process
Vouchers will be issued and redeemed through six steps:
- Applicants selects an eligible Vendor and an eligible vehicle.
- Applicant and Vendor prepare and submit their respective separate applications, including proof of eligibility and application fee. If a Vendor has already been approved, the Vendor does not need to obtain a new approval unless there is a change from the prior Vendor application and approval.
- NJEDA processes the applications and, if the Applicant, Vendor and vehicle are eligible and funds are available, approves voucher(s), inclusive of qualifying bonuses and sends the Applicant a voucher reservation approval letter.
- The voucher funds are reserved for six months from the date of the approval letter. During this period, the vendor and the applicant must execute their respective program agreements and submit documentation of same. Then, the vehicle must be delivered to and registered by the Applicant during this period. A voucher reservation may be renewed for one six-month extension if requested prior to expiration and will be granted based on evidence by the Applicant and Vendor of good faith efforts to deliver and register vehicle within the additional time provided.
- Vehicle is delivered to and registered by the Applicant. Applicant submits documentation of this to NJEDA.
- Once vehicle is delivered and registered, and all relevant program agreements are met, Applicant will provide voucher to Vendor, who redeems the voucher funds from NJEDA.
- Applicant and Vendor will respond to NJEDA’s audit requests as need to confirm post-award compliance.