We are pleased that the U.S. Congress approved the follow-up $484 billion coronavirus relief package which will provide badly needed funding for small business loans under the depleted Paycheck Protection Program. This is welcome news for employers and employees here in New Jersey who are in need of relief.
The additional $310 billion allocated to the PPP, as well as more specific guidance on how banks administer the loans, are positive steps that will help businesses and jobs survive.
We are encouraged that $60 billion of the PPP funding is set aside for small banks, credit unions and CDFIs which will help the smallest companies gain access to these loans.
Also critical is the $75 billion for hospitals that will bring much-needed relief to the strained health care system that is on the front lines of this pandemic.
With New Jersey having the second highest number of coronavirus cases in the nation, our residents, businesses and government need more relief to withstand the economic distress related to the virus. They need to see a clear and hopeful path towards economic recovery.
A major step toward creating that hope is to make new sources of working capital readily available to businesses.
We urge our state leaders to look beyond the government relief programs and find new sources of working capital as they plan for reopening New Jersey’s economy.
The New Jersey Chamber of Commerce stands ready to assist in this matter in any way.
