NJ’s Small Businesses Will Vie for a Small Piece of the Relief Pie
The New Jersey Economic Development Authority (EDA) has announced an expansion of the Small Business Emergency Assistance Grant Program to help provide relief to NJ’s small businesses as they continue to suffer in our devastated economy. Applications open tomorrow at 9am, and small businesses applications will be reviewed on a first-come, first-served basis. So tonight, hundreds of thousands of NJ small business owners are wondering if they will be fortunate enough to receive any of this aid.
“While we applaud the administration for its effort to generate more support for NJ businesses and appreciate the unprecedented pressure on the state’s own revenues, it’s not enough. It’s not sustainable. It’s not what is needed to help New Jersey’s economy recover quickly enough,” said Denise Blasevick, co-founder of the #NJsmall movement and CEO of The S3 Agency, a NJ small business.
She explained why the expansion of the Small Business Emergency Grant Program, which has been increased to allocate $50 million of federal dollars from the CARES Act to help NJ’s small businesses who are suffering from the impact of the pandemic, is not a stand-alone solution.
“$50 million is simply not enough to help the Garden State’s 860,000+ small businesses. If the money was split evenly among the state’s small businesses, each small business would receive about $52 – clearly not enough to move the needle. Instead, this program will grant a relatively small amount of money (up to $10,000) to a relatively small number of #NJsmall businesses. Even that amount is not enough to provide long-term recovery to the small percentage of businesses who will be fortunate to receive it. What happens after that? And what happens to the vast majority of small businesses who will apply but be turned down when the first-come, first-serve application opens at 9am tomorrow? It’s not enough to make a dent in our economic crisis.”
The #NJsmall solution is the sustainable, no-cost way to speed NJ’s economic recovery – simultaneously helping our small businesses and our big businesses survive the crisis. Here’s how:
With the #NJsmall movement, Blasevick is petitioning Governor Murphy to incentivize NJ’s big businesses to hire #NJsmall businesses instead of using out-of-state vendors. A 1% Corporate Business Tax incentive would encourage our state’s big businesses to hire our state’s small businesses, who would then pay taxes on the income they now have. More small businesses would be able to survive and keep our residents employed. That would reduce unemployment costs. It would also ensure more New Jerseyites are economically secure so they can spend money at other small, local businesses.
“From what we can see, most requests of the governor are asking for funding. What we are proposing is a bit of a unicorn solution, in that it benefits everyone – our entire state – without any net cost. In fact, it is a net gain for New Jersey,” says Blasevick. “It’s a solution that can help our economy recover faster now – and help New Jersey be a more business-friendly state in the future, which is critical to our ongoing economic success.”
You can help! Sign the petition to ask Governor Murphy to turn #NJsmall from a concept into legislation that will begin helping our state immediately!
Then spread the word! And if you work at a #NJbig business, please consider moving your budgets away from out-of-state vendors – and spending with #NJsmall businesses instead.