Mix together all meatball ingredients just until combined. Form into 1" meatballs. Bake for 18-20 minutes (or bake frozen meatballs according to package directions).
Combine sauce ingredients in a small saucepan over medium-low heat. Stir until preserves/jelly melts. Allow to come to a boil for 1 minute. Toss with meatballs and allow to simmer on low 10-15 minutes.