The New Jersey Chamber of Commerce supports both Senate bills S-2347 and S-2348 which were approved by the state senate yesterday. The two bills provide needed relief to small businesses and their employees via a series of tax deferrals and credits which will help their cash flow.
Small businesses and their employees in New Jersey are going to need all the support they can get during the economic downturn caused by the COVID-19 pandemic.
We thank Senate President Steve Sweeney, Senate Republican Leader Tom Kean and Senators Linda Greenstein and Anthony Bucco for their work on this legislation.
We urge the state legislature to fast track this legislation to Governor Murphy’s desk and the Governor to sign the bills into law.
We further urge our state leaders to start planning now for a successful transition of our state economy from survival to recovery by finding new sources of working capital.
The overwhelming demand for the federal and state relief programs tells us that businesses are desperate for cash and will be for the foreseeable future and that government programs will be strained to keep up with this demand.
Making new sources of working capital readily available to businesses will be the key to a successful economic recovery.