Senate Bill No. 2249: New Law Promotes Economic Opportunities for New Jersey’s Disabled Veteran Business Owners

On January 16, 2024, Senate Bill No. 2249 (S2249) was signed into law.  With the goal of providing better support to New Jersey’s disabled veteran community, the bill reduces the number of qualified disabled veterans’ businesses required to set aside a contract under the “Set-Aside Act for Disabled Veterans’ Businesses” from three to two.

Recognizing the relatively low number of registered disabled veterans’ businesses in the state, the new requirement, that only two qualified businesses are needed to designate a set-aside contract, aligns New Jersey with federal law and the procedures of other states that have already ascribed to the “rule of two.”

Under the “rule of two,” if there are, at least, two disabled veteran owned businesses that could do the work needed for a fair price, the contract should be set aside exclusively for those businesses to compete.  Legislators hope that this will promote economic opportunity among veterans and break down barriers to important opportunities for growth.

Additional information about assistance available to New Jersey’s Disabled Veteran-Owned Businesses can be found on the Department of Military and Veteran Affairs website.

(This blog, prepared by Campanella Law Office, is for general informational purposes only and is not intended to convey specific legal advice, nor is it intended to create or constitute an attorney-client relationship.)

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