Bucco: Let’s Work Together to Improve Support for New Jersey’s Small Businesses & Their Employees

Says Funding & Transparency Critical to Effort to Save Jobs

Senator Anthony M. Bucco said there’s a critical need for funding to help small businesses survive the current economic crisis and to keep New Jersey workers from joining the ranks of the unemployed.

“I’ve talked to a number of small business owners who are petrified they won’t survive another few pay cycles unless they take drastic measures to cut expenses through pay reductions, furloughs, or letting people go,” said Bucco (R-25). “Taking actions that might hurt their workers is the last thing they want to do, but many employers have few if any remaining options left. They’re desperate for support from the State and federal governments, and it’s our responsibility as lawmakers to help them.”

Bucco said he wanted to work with the Murphy Administration to find solutions to fund programs like the New Jersey Economic Development Authority’s Small Business Emergency Assistance grant and loan programs, both of which were oversubscribed almost immediately after opening recently.

He also said small businesses vying for support through those programs have questions about the methodology that’s used to determine awards.

“With no sector of the economy immune to the impacts of COVID-19, the demand for emergency assistance from small businesses has been overwhelming,” said Bucco. “We need to allocate new funds to existing NJEDA programs to meet the surge in demand, and based on the recent application filings we now we have a fuller picture of the total financial need. We also need to increase transparency by better explaining if awards are being made to those who apply first, to those who demonstrate the greatest need, or based on a combination of those factors. ”

Additionally, Bucco noted that the federal CARES Act requires the Federal Treasury to provide nearly $4 billion to the State by April 24th, including $3.44 billion as a block grant to help New Jersey address the impacts of COVID-19.

“Federal lawmakers in Congress and President Trump joined together on a bipartisan basis to supply individual taxpayers, families, employers, and State and local governments with critical financial relief during this unprecedented crisis,” added Bucco. “In that spirit, I’m ready to work with the Governor and all of my colleagues to find ways to put the billions in federal funds we’re receiving to work for New Jersey and to keep New Jerseyans working.”