NJBIA President & CEO Michele Siekerka tells NJ Spotlight News that 50% of the businesses in NJBIA’s recent Business Outlook Survey said they took grants or loans as a stopgap measure to keep the doors open during COVID-19, but a more comprehensive approach is needed if they are to survive into 2021.
Speaking to Rhonda Schaffler on the “NJ Business Beat” program, Siekerka said the aid packages have been a lifeline for some businesses, providing enough to tide them over from one week to the next as they dealt with financial repercussions of state-mandated business closures and operating restrictions. Others, however, were forced to close permanently because the available grants and loans weren’t enough.
“That’s our concern going forward – how do we comprehensively put together relief for businesses that keeps them being able to employ people, keep livelihoods, generate just enough money to pay expenses, and keep their heads above water,” Siekerka said.
“Throwing them these lifelines as small grants is only biding them time,” she said. “And while we’ll take as much of that grant money as we can, we need to be thinking bigger on how we bring relief to New Jersey businesses.”
To watch the entire interview, go here or click on the video below.
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