Thursday’s incentives, totaling $41.4 million, entail a combination of grants and zero-interest loans that the agency is looking to hand out to companies “as quickly as possible,” according to NJBIZ writer Daniel Munoz.
The $41 million in incentives would, combined with private financial support, total to $75 million. That could come out to more than $100 million for business support, assuming the addition of federal and philanthropic dollars.
“Throughout this health crisis, we have fielded hundreds of calls and emails from New Jersey business owners unable to meet payroll and pay their bills because they have little to no revenue coming in and little reserves,” NJBIA President and CEO Michele Siekerka said. “By and large, they are desperate to stay afloat and devastated to have made difficult staff decisions.”