Business Report: Jump in hiring, American Dream, small businesses, PPP loan extension

President Biden has signed a law extending federal PPP loans for an additional two months

Private businesses across the country hired more than 500,000 workers in March, the biggest increase in six months. New Jersey-based ADP says there was a huge jump in leisure and hospitality jobs as businesses began reopening and hiring back workers.

Triple Five, the developer of the American Dream Mall, has defaulted on its loan after a cash crisis, according to a report in the Financial Times. The paper says the loan is being restructured and the developer’s lenders will take a big stake in other property that Triple Five put up as collateral for American Dream; the company hasn’t commented on this report. The mall was shut down during the lockdown last year, but reopened last fall and there are plans for new attractions this spring.

The Meadowlands Chamber held a Virtual Mayors Summit Tuesday, highlighting innovative ways that communities are assisting their small businesses. Jersey City Mayor Steven Fulop pointed to his city’s vaccination drives this week, which focused on essential workers. But Fulop said that small businesses also need more financial help and without that, more will end up closing. The mayor said he’s considering giving another round of direct grants to the city’s businesses, once Jersey City receives additional federal funding from the latest COVID-19 relief package.

Businesses have more time to apply for federal PPP loans. President Joe Biden has signed a law extending the program for an additional two months, to the end of May.

WATCH: Business Report: Health care systems expanding, government contracts, offshore wind projects

MORE: Business Report: Jobs added, economy grows, housing prices rise, SBA loans expand