N.J.’s smallest businesses to receive $25 million in aid under bill Murphy just signed

Posted Apr 01, 2021

Gov. Phil Murphy on Thursday approved $25 million in aid for New Jersey’s smallest businesses.

The $25 million for “microbusinesses” is part of a package of bills passed by the Legislature to send $100 million to small businesses, restaurants, bars, daycares, and arts and cultural organizations.

Business revenue during the pandemic has plummeted and unemployment skyrocketed. A third of small businesses in the Garden State have closed their doors. Among hospitality businesses, the closures are closer to 50%, according to the New Jersey Business and Industry Association.

The bill (S2523) describes a microbusiness as one with five or fewer employees.

“Main Street businesses have always been the backbone of our economy and unfortunately have been the hardest hit during the pandemic,” Murphy said in a statement. “This bill, along with others I’ll sign later this month, will help thousands of businesses keep their doors open as we climb out of the economic hardships wrought by COVID-19.”

The state’s Economic Development Authority would be charged with allocating and determining the size of individual grants. Funding will come from the state’s federal stimulus aid.

Other bills sent to Murphy would set aside $35 million in federal funds for bars and restaurants, $10 million for daycares, $15 million for arts and culture organizations million and $15 million to other businesses and nonprofits.

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published this page in News and Politics 2021-04-02 03:29:04 -0700