The New Jersey Chamber of Commerce, in partnership with regional and local chambers of commerce across New Jersey, has been asking member companies to identify their most pressing concerns as plans to reopen the economy move forward.
Bracken on What New Jersey Businesses are Saying:
Two concerns are clearly front and center for businesses as they look to reopen. First, businesses are concerned about having enough working capital to sustain themselves and second, they are concerned about workplace safety.
The N.J. Chamber is working closely with the U.S. Chamber of Commerce on best practices for reopening the economy and our survey results closely reflect what the U.S. Chamber has seen in its national surveys.
I believe we need to begin addressing these two major concerns as soon as possible and build the economic reopening from there.
Bracken on Working Capital:
Considering the overwhelming demand for state and federal government grants and low-interest loan programs, it is hard to know if these relief programs will still be there as the economy reopens. Alternative sources of ready working capital must be found now.
We need to identify and secure these sources of liquidity – including some non-traditional sources – to support businesses as they ramp up.
A recovery cannot start until adequate amounts of working capital are identified and made available.
Bracken on Workplace Safety:
The results of our survey overwhelmingly show businesses want to do the right thing for their employees and customers.
They will need clear guidelines from the CDC and state health agencies for reopening safely and where to find reliable sources of supplies, such as PPE, cleaning materials and safety equipment. Implementing all official safety guidelines will give employees and customers confidence that they are entering a safe workplace.
Businesses are also concerned about liability issues when they reopen. Mitigants to these issues need to be addressed to help provide businesses with safe harbors and the necessary level of assurance that by following prescribed guidelines, liability issues will be minimized.
These two issues are not surprises. They simply reinforce that both of these primary concerns need to be addressed before the myriad of other reopening recommendations are considered.