Democrats in New Jersey announced an agreement on what they say is “a comprehensive economic recovery package” that will aim to help small businesses.
In a statement, Gov. Phil Murphy; Senate President Steve Sweeney, D-Gloucester/Salem/Cumberland; Assembly Speaker Craig Coughlin, D-Middlesex; Senate President Pro Tem M. Teresa Ruiz, D-Essex; and Assemblywoman Eliana Pintor Marin, D-Essex, said the bill “drive sustainable economic growth, and reform our tax incentives system.”
“This plan will specifically target historically underserved communities that have also been disproportionately impacted by COVID-19 with tailored programs to combat food deserts, spur brownfields redevelopment, and support historic preservation and renewal, as well as a grant and loan program designed to bolster Main Street small businesses,” the officials said.
“The agreement includes annual caps, strong compliance standards, groundbreaking tools to support the innovation economy, and robust labor protections,” they added. “The plan will also help attract more high-growth businesses to the Garden State and provide additional support to small businesses during this unprecedented time. This is especially important as we lay the foundation for a stronger, more resilient post-COVID economy in New Jersey.”
On Twitter, Tim Sullivan, CEO of the NJ Economic Development Authority, said the proposal is “a strong recovery and reform package that will position New Jersey well to recover from the worst economic crisis of our lifetime and do so with the transparency and oversight taxpayers deserve.”
“The bill represents a very different approach to economic development – one that yes invests in job creation but also in innovation, placemaking, Main Street and helping to solve long-standing economic inequality issues like food insecurity,” Sullivan added.
A spokesperson for Murphy did not immediately respond to a request from The Center Square for more information. NJ Advance Media reported the state would cap incentives at $11.5 billion per year.
“While we have not received a copy of the final bill, early reports have raised concerns that it will not do enough to help small businesses and nonprofits that are struggling to survive the impact of COVID-19,” Brad Schnure, director of communications for the New Jersey Senate Republican Office, said in an email. “Senate Republicans will continue to prioritize our efforts to provide additional emergency funding to support their immediate needs during the current crisis.”
