New Jersey state small business owners need more help facing the coronavirus pandemics, according to the COVID-19 Business Impact Survey conducted by Assemblyman Christopher DePhillips.
The survey of 121 responding businesses in his district found 45% would not survive the next three weeks, and 83.3% reported they would close by the end of June.
“It is our responsibility as New Jersey’s elected officials to do everything we can to help New Jerseyans,” said DePhillips (R-40). “Current relief efforts are far too little to really help, and if we don’t act now then significant relief efforts will be too late,”
Economic Impacts of the Pandemic
The survey found about 60% of businesses surveyed were forced to let workers go. In all, 85% of survey respondents were businesses with fewer than 20 employees.
Seventy-five percent of respondents argued they would need $100,000 or more over the next three months to survive the closures and lack of business stemming from the coronavirus outbreak.
Although the New Jersey Economic Development Agency announced more than $75 million in funding, with that total reaching more than $100 million combined with federal resources, DePhillips argued more could be done to help businesses.
“There are plenty of options to help businesses. We just need to put constituents first instead of worrying about government,” said DePhillips. “The little bit of action that has been taken to help business isn’t nearly enough, and the vast majority will suffer as a result.”
SBA Offers Loans to Small Businesses
State Sen. Steve Oroho, Assemblymen Parker Space and Hal Wirths reminded small business owners in the state the Small Business Administration (SBA) was providing loans to help contend with the pandemic.
Small business owners could apply for an Economic Injury Disaster Loan (EJDL) of up to $10,000. SBA’s EJDL program provides loans of up to $2 million to provide economic support to small businesses dealing with the temporary loss of revenue due to stay-at-home orders.
“It’s hard for people to grasp what it takes to own a business that you put your heart and soul into only to have an uncertain future, so is imperative that small business owners get support during these tough times,” said Spence (R-24).