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Subsidy Tracker Individual Entry

Company: Goldman Sachs
Parent Company: Goldman Sachs
Subsidy Source: state
Location: New Jersey
City: Jersey City
Project Description: investment bank trading and research offices
Year: 2002
Major Industry of Parent: financial services
Specific Industry of Parent: banking & securities
Subsidy Value: $164,300,000
Subsidy Value in 2023 Dollars: $279,833,169
Program Name: Business Employment Incentive Program (BEIP)
Awarding Agency: Economic Development Authority
Type of Subsidy: 
MEGADEAL

Number of Jobs or Training Slots: 2,000
Source of Data: The subsidy value and jobs projection came from: Richard Newman, "Next Stop, Jersey City; Goldman Sachs Moving Some Operations to New Complex," The Record, January 29, 2002.
Notes: The 10-year BEIP award, given shortly after the 9/11 attack prompted many New York City companies to consider dispersing their operations, was based on the assumption that Goldman would relocate 2,000 employees from Manhattan. As of January 2013, about $93 million of the award had been disbursed. BEIP subsidies are grants based on the state withholding taxes paid by new employees. The BEIP award is also listed in the main Subsidy Tracker data.
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.