Business Report: Pandemic’s economic impact, supporting minority businesses, protecting NJ’s beaches

Sen. Troy Singleton introduced legislation that would provide financial and other support to minority-owned businesses

When New Jersey’s economy recovers from the coronavirus pandemic, the state must ensure that minority-owned businesses also bounce back. Sen. Troy Singleton (D-Burlington), who says Black- and brown-owned businesses have fallen behind, has introduced legislation that would provide financial and other support to minority-owned businesses.

Beach replenishment efforts in New Jersey could be getting a boost. The Senate Environment and Energy Committee advanced a bill to increase funding to preserve the shoreline. Before the vote, the committee heard testimony from advocates who said New Jersey is vulnerable to climate change and rising tides and more protection is needed. But opponents argued beach replenishment hasn’t prevented flooding and that other methods should be considered to build a resilient coastline. The bill would provide $50 million to the Shore Protection Fund, which is double the current funding level. Money for that fund comes from realty transfer fees. The state has seen an increase in those fees in the current fiscal year due to the strong housing market.

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