Business Report: Funding mass transit, PPP loan forgiveness, COVID-19 relief funds, evictions ban expiring

Infrastructure package promises major funding boost for mass transit systems in NJ

New Jersey’s mass transit system could get a major funding boost based on what we know about the infrastructure package that has won key bipartisan support in Washington. The Senate held a procedural vote to advance the $1 trillion package, making way for additional debate and formal votes. It’s expected the package will include billions for the Gateway tunnel project. There’s also funding for a wide range of other projects, from highway improvements to building out broadband service and modernizing the country’s electric grid.

The federal government is making it easier for millions of small businesses to get their PPP loans forgiven. Companies that borrowed $150,000 or less can soon apply directly to the Small Business Administration for forgiveness without having to supply documentation detailing certain revenue losses. In New Jersey, more than 300,000 businesses and nonprofits received those emergency PPP loans. The government is in the process of winding down the PPP program.

Over the past two days, speakers from a wide variety of organizations in the state offered suggestions to the Murphy administration on how billions of dollars in COVID-19 relief funds should be spent. There was no shortage of ideas. You can find details of the process and the proposals here.

President Biden announced Thursday that he will let the nationwide ban on evictions expire on Saturday after the U.S. Supreme Court signaled the ban could only be extended until the end of the month. New Jersey has a state law in place that extends the moratorium for several additional months, although landlords have been able to file eviction cases and those cases are set to be heard in a few weeks.

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