Business Report: Business grants, health insurance, wind farm

Nov. 1 marks the start of open enrollment for the Affordable Care Act

Thousands of New Jersey businesses will be applying for another round of Economic Development Authority grants this week. The EDA is distributing $70 million in federal funds, half of which is reserved for restaurants. Restaurant owners can apply for grants starting Oct. 29, while other businesses can apply on Oct. 30 and Monday, Nov. 2. CEO Tim Sullivan says the goal is to get the money out quickly.

Nov. 1 marks the start of the open enrollment period for those residents who rely on health insurance coverage from the Affordable Care Act. There’s a big change this year for New Jersey as residents will no longer use to enroll. Instead, they will use to get health insurance. According to the Governor’s Office, the majority of residents seeking health care coverage on the new state exchange would qualify for subsidies to help lower insurance costs. By setting up its own healthcare exchange, New Jersey residents would still be able to obtain coverage, even if the Supreme Court overturns the Affordable Care Act.

Initial work on Orsted’s proposed wind farm off the coast of South Jersey is moving forward. Orsted recently held a series of virtual open houses to provide an update on where things stand. The company has completed its onshore and offshore surveys that are required to begin the engineer work on the project. The wind farm is supposed to be fully operational by late 2024. Orsted’s new CEO for North America, David Hardy, says the company will deliver on its promise for thousands of new jobs.