Many private sector businesses in New Jersey are struggling mightily as they begin to rev up operations and reopen after the pandemic shutdown, 101.5 news radio reported earlier this week.
Citing NJBIA’s survey results, 101.5 Correspondent David Matthau report that 58% of those surveyed are experiencing continual losses and 65% have a decrease in revenue.
“Nearly half of the business owners anticipate it will take 10 months or longer to generate revenue upon their reopening, while nearly 12% say it’s going to take them even longer than that,” said NJBIA President and CEO Michele Siekerka.
The survey also finds:
- 45% have reduced expenses and overhead
- 38% tapped into business reserves or personal savings
- 29% have reduced workers’ hours
- 21% have reduced wages
- 28 percent have delayed bill payments