A New Jersey Assemblyman Tells Us Everything They’re Doing to Save Small Businesses
By: Njsbdc At Njcu
Tags: Cares Act, Survival, Small Business, New Jersey, Assemblyman

Here is what the New Jersey government is doing to help small businesses survive, directly from a State Assemblyman.

About the Assemblyman

State Assemblyman Raj Mukherji represents NJ’s 33rd legislative district, which represents certain parts of Jersey City and all of Union City, Hoboken, and Weehawken. He serves as the Deputy Speaker Pro Tempore of the General Assembly and Chairman of the Assembly Judiciary Committee. Aside from these titles and positions, Assemblyman Mukherji is also a lawyer, healthcare and cannabis investor, former Deputy Mayor of Jersey City, and former Sergeant in the Marines.

Governmental Response to COVID-19

In our recent Mindshare Monday episode, we talked with Assemblyman Mukherji to know what the federal government is doing to help small businesses survive. Given his position, he knows that the economy is at a standstill and it can’t recover until our small businesses get the working capital needed to get back on their feet.

To support the small business owners, Assemblyman Mukherji and his team are working with Tim Sullivan, CEO of New Jersey Economic Development Authority (NJEDA), and NJ Governor Murphy’s office on the second round of CARES Act funding.

This collaboration comes with Gov. Murphy’s recent announcement on May 15, 2020, that $50 million in federal CARES Act will be directed towards small businesses impacted by the COVID-19 pandemic via grants through NJEDA.

While the exact details for the new program are yet to be confirmed, it will be proposed in the upcoming weeks. However, Assemblyman Mukherji has confirmed that the new program will direct a portion of the funding to the backlog of applications that were denied or waitlisted in the first round of the Act.

In addition, the scope of requirements for the second round of applications will be much broader. Due to strict limitations in the first round, many companies were deemed ineligible. In the second round, with broader eligibility and reserved funds for Opportunity Zone tracts, small businesses are likely to get approved.

Assemblyman Mukherji’s Bills

For further assistance, Assemblyman Mukherji has introduced two very important bills for small business owners recently.

This bill, named the “New Jersey Hospitality Small Business Emergency Loan Program” (loan program), requires the New Jersey Economic Development Authority (authority) to offer loans, under an existing small business loan program administered by the authority, to a qualified small hospitality industry-related business (hospitality business).

This bill establishes the Employment and Business-Related Tax Deferral Assistance Program (program), to be administered by the New Jersey Economic Development Authority (EDA), to provide financial relief to New Jersey small businesses suffering economic hardship due to the outbreak of the coronavirus disease 2019 (COVID-19). The bill requires the EDA to review and approve applications of eligible small businesses seeking financial relief, make and enter into agreements that allow eligible small businesses to defer payment and remittance of certain employment and business-related taxes imposed and collected on behalf of the State, and monitor and evaluate the effectiveness of the program

You can track Assemblyman Mukherji’s sponsored bills here.

For further clarification on how to apply for the new CARES Act and information on his bills, Assemblyman Mukherji encourages constituents of the 33 rdlegislative district to contact his office at 201–626–4000, email asmmukherji@njleg.org or visit this site here.