Testa Emphasizes Importance of $100 Million EDA Emergency Loan Program

Senator Michael Testa voted to provide $100 million in funding to qualifying tourism and hospitality businesses in the Senate Budget Committee.

“Mom-and-pop businesses across the Garden State are struggling to stay afloat,” said Testa (R-1). “Greater financial support is needed to help carefully and sustainably reopen our economy and keep vital industries alive. Directing more relief efforts towards local businesses will help keep the lights on, saving jobs and livelihoods for thousands of New Jerseyans.”

The legislation, S-2371, which Testa co-sponsors, establishes the New Jersey Hospitality Emergency Loan Program within the state Economic Development Authority to provide no-interest loans to qualified tourism, brewers, and other hospitality businesses.

Testa also expressed concerns that Murphy is withholding federal CARES (Coronavirus Aid, Relief, and Economic Security) Act funds from their intended purpose.

“Stockpiling federal funds meant for small businesses under lock and key is asinine and cruel,” added Testa. “I’ve spoken with business owners throughout the state – they are ready and willing to adhere to CDC guidelines and open for business, but many need capital to do so. This legislation is a step in the right direction, but we must do more to save the New Jersey economy from this self-inflicted fiscal crisis.”