State to provide more financial help to small businesses

More help is on the way for New Jersey’s struggling small businesses. The Economic Development Authority has announced a $10 million expansion of its Small Business Emergency Assistance Loan program.

Starting in the fall, businesses and nonprofits will be able to apply for up to $100,000 in low-cost financing to cover payroll and other costs including rent, mortgages, utilities, personal protective equipment and other equipment.

Gov. Phil Murphy has now signed a bill that would allow financially distressed counties and towns in New Jersey to borrow money in order to cover added expenses and revenue shortfalls due to COVID-19. The governor says the bill will help control property taxes.

Next week, the state Legislature begins hearings on the governor’s proposed budget. Ahead of that, the four Republican members of the Senate Budget Committee are calling on the administration to release more details on the spending plan. Republicans say they see a rushed and superficial budget hearing process and are critical of the fact that the public will have no opportunity for direct input or testimony.