In an effort to support microbusinesses in New Jersey that are struggling as a result of COVID-19, Assembly Democrats Gordon Johnson, Roy Freiman and John Armato sponsor a bill that would appropriate funds in support of these businesses.
Subject to the availability of federal funds, $25 million in funds that New Jersey was given access to in response to the COVID-19 pandemic would be provided to the Economic Development Authority (EDA) to support microbusinesses. To be eligible, these businesses must have less than eleven full-time employees.
Upon the Assembly Commerce and Economic Development Committee advancing the legislation (A-5443) on Monday, Assembly sponsors Gordon Johnson (D-Bergen), Roy Freiman (D-Somerset, Mercer, Middlesex, Hunterdon) and John Armato (D-Atlantic) issued the following joint statement:
“Microbusinesses not only employ local residents, but also provide unique products and services that are tailor-made for their communities. New Jersey is a state that values hard work, ingenuity and entrepreneurship, and these businesses are a perfect example of the principles e seek to foster here.
“Microbusinesses are facing unprecedented challenges through no fault of their own because of this ongoing public health crisis. Offering our support in these difficult times will help ensure these valuable enterprises can continue to succeed for years to come.”
The bill now heads to the Assembly Speaker for further consideration.