Business Report: Indoor conventions, Princeton University settlement, mortgage rates

South Jersey lawmakers say Atlantic City economy will be devastated if certain COVID-19 restrictions are not relaxed

There’s a push coming from South Jersey to try to rethink some of the state’s reopening restrictions. Assemblymen John Armato and Vince Mazzeo — both Atlantic County Democrats — are asking Gov. Phil Murphy to continue relaxing COVID-19-related restrictions on indoor conventions and trade shows in Atlantic City. Mazzeo says without conventions, the economic impact on the city will be devastating.

Princeton University will pay $1.2 million to settle allegations made by the U.S. Labor Department, which said the school discriminated against more than 100 full-time female professors by paying them less than men. The average annual salary for a full-time Princeton professor was nearly $250,000, according to 2018 data. The Labor Department said Princeton is taking multiple steps to promote pay equity. Princeton admitted no wrongdoing in the settlement.

The state is trying to get the word out about a new assistance program for families. The New Jersey School-Age Tuition Assistance Program provides money to cover child care costs for students ages 5 to 13 who are learning remotely this fall. The state has increased the annual income cap for the program to $150,000.

Mortgage rates have fallen to another record low. The rate on a 30-year fixed-rate mortgage fell to 3.01% in the latest week. That has led to a surge in refinancings, according to the Mortgage Bankers Association.