N.J. Admin. Code § 19:31J-1.8

Current through Register Vol. 56, No. 12, June 17, 2024

Section 19:31J-1.8 - Application for financial assistance

(a) Upon determination of eligibility by the Department, the Department shall notify the Authority of the eligibility of the applicant, and the total amount of eligible project costs and the amount of remediation costs for which the applicant is unable to establish a remediation funding source.

(b) The applicant will be given priority for financial assistance based on the date of receipt by the Authority of a completed application, subject to the priority system set forth at N.J.A.C. 19:31-11.5.

(c) If the application is determined by the Authority to be incomplete, the applicant shall have 30 days from receipt of written notice of incompleteness to file any additional information required by the Authority.

(d) If the applicant fails to file the additional information within the 30-day period, the filing date for the application shall be the date the additional information is received by the Authority.

(e) A change in the filing date resulting from failure to submit a completed application or from failure to submit the application fee in a timely fashion for applications filed for financial assistance for a regulated tank to meet the upgrade or closure requirements pursuant to 42 U.S.C. §§ 6991 et seq., or P.L. 1986, c. 102 (N.J.S.A. 58:10A-21 et seq.) or for the remediation of a discharge from any such regulated tank shall not render the application ineligible for financial assistance as long as the initial date of application is prior to June 30, 2010, or for a regulated tank that is not operational, 18 months from the date of discovery of the tank or June 30, 2010, whichever is later.

(f) A completed application from an applicant shall include, if applicable as determined by the Authority:

1. A history and description of the applicant's business;

2. A description of the proposed project and a detailed breakdown of the use of the financial assistance proceeds;

3. Annual financial statements for the three most recent years, including the balance sheets, operating statements and reconciliations of the source and application of funds, or, for an individual, copies of Federal income tax returns for the three most recent years;

4. A current personal financial statement, if the most recent annual financial statement is more than six months old;

5. Three years of projections, including the balance sheet, operating statement, reconciliation of the source and application of funds, and a detailing of the assumptions used in preparing the projections;

6. A list of the applicant's five largest customers, including the customer name, address, telephone number, and contact person;

7. A list of the applicant's five largest suppliers, including the supplier name, address, telephone number, and contact person;

8. A schedule of all officers, directors and stockholders (owning 10 percent or more of the stock), including resumes and signed, dated personal financial statements, EDA application, tax clearance certificate and property deed; and

9. Submission of an application and fee for a tax clearance certificate pursuant to P.L. 2007, c. 101.

(g) The Authority may also require:

1. Appraisal(s) on real property and/or machinery and equipment;

2. Aging of accounts receivable;

3. Aging of accounts payable;

4. Submission of documentation or other information on the nature and scope of the work to be performed, cost estimates, and proofs of the actual costs of all work performed;

5. Demonstration of an ability to repay the amount of any loan and to provide adequate collateral to secure the loan; and/or

6. Submission of documentation and a certification as applicable that the applicant was unable to qualify for and obtain a commercial loan for all or part of the eligible project costs.

(h) Within 45 days of the receipt of a completed application, a determination will be made to recommend approval to the members of the Authority or deny the application. The applicant has no right to have its application presented to the members of the Authority.

(i) In the case of a closure or a replacement and closure of a petroleum underground storage tank used to store heating oil for onsite consumption in a residential building where no remediation is required, if an applicant submits a complete application package to the Authority prior to the completion of the project and the Authority determines that the applicant qualifies for the grant, the Authority shall issue written confirmation that the applicant will receive a grant upon completion of the project, subject to the applicant's submission of the following to the Authority within 45 days from the issuance date of the written confirmation: invoices; executed General Non-Leaking Tank Certification; executed Contractor Non-Leaking Tank Certification; executed Financial Assistance Agreement; copy of the deed for the subject property; and a valid Business Tax Clearance Certificate. For purposes of this subsection, a complete application package shall include all of the following: non-refundable application fee; completed Non-Leaking Tank Application; executed Frequently Asked Questions; current Personal Financial Statement; and Federal Income Tax Returns for the last three years.

(j) The written confirmation shall be valid for 45 days from the date of issuance. Any applicant, who has received written confirmation pursuant to this subsection and fails to submit the documentation, certification, or other information required by this subsection before the expiration date of confirmation, shall be required to submit a new application for review.

N.J. Admin. Code § 19:31J-1.8

Amended by R.2000 d.297, effective 7/17/2000.
See: 32 N.J.R. 1705(a), 32 N.J.R. 2602(c).
In (e), substituted a reference to applicants for a reference to businesses in the introductory paragraph, and deleted a former 9.
Amended by R.2004 d.347, effective 9/20/2004.
See: 36 N.J.R. 2616(a), 36 N.J.R. 4322(a).
Added a new (e) through (g), and recodified former (e) through (g) as (h) through (j).
Recodified from N.J.A.C. 19:31-11.6 and amended by R.2010 d.285, effective 12/6/2010.
See: 42 N.J.R. 2019(a), 42 N.J.R. 2969(a).
In (b), inserted ", subject to the priority system set forth in N.J.A.C. 19:31-11.5"; in (e), substituted "2010" for "2005" and "June 30, 2010" for "February 15, 2005"; deleted former (f) and (g); recodified former (h) as (f); in (f)2, substituted "financial assistance" for "loan"; in (f)3, inserted "Federal income"; in (f)4, substituted "personal financial" for "interim"; in (f)7, deleted "and" from the end; in (f)8, substituted ", EDA application, tax clearance certificate and property deed; and" for a period at the end; added (f)9; recodified former (i) and (j) as (g) and (h); and added new (i) and (j). Former N.J.A.C. 19:31-11.8, Approval process for financial assistance, recodified to N.J.A.C. 19:31-11.10.

Recodified from 19:31-11.8 56 N.J.R. 807(a), effective 5/6/2024