Helping small businesses meet their financial obligations as New Jersey works to mitigate the spread of Covid19, legislation sponsored by Assemblymen Roy Freiman (D-Somerset, Mercer, Middlesex and Hunterdon), Louis Greenwald (D-Camden, Burlington) and Ron Dancer (R-Ocean) to ensure loan availability advanced in the Legislature Thursday with approval in the Senate.
The legislation was recently approved during a special session by the full Assembly, 65-0.
Under the measure (A-3845), the New Jersey Economic Development Authority (authority) is authorized to provide grants during periods of emergency declared by the Governor, such as the declaration regarding the Coronavirus disease 2019, and for the duration of economic disruptions due to the emergency, such as Covid19 2019.
Assembly members Freiman, Greenwald & Dancer issued the following statement:
“As we work to protect residents from the Covid19 virus influence on our state, we have to think about the small business community, who rely on their customers to frequent their stores. These businesses will be adversely affected by the need for many to stay indoors and potential quarantines. Providing access to loans will give small businesses an additional resource they can use to maintain their operations and pay their employees as we get through the days ahead.”