We audited the State of New Jersey’s Community Development Block Grant Disaster Recovery-funded Grants and Forgivable Loans to Small Businesses program. We conducted the audit because the program was one of the largest funded economic revitalization programs in the State’s action plan and because the State had disbursed more than 37 percent of the funds allocated for the program as of September 2014. Our objective was to determine whether the State awarded grants and loans to eligible businesses in accordance with U.S. Department of Housing and Urban Development (HUD) and Federal requirements.
The State awarded disaster funds to eligible small businesses for eligible expenses in accordance with applicable HUD and Federal requirements. The State’s written policies and procedures were comprehensive in nature, and it adequately documented eligibility for the businesses and expenses reviewed.
This report contains no recommendations.