This week, state lawmakers advanced a proposal to create a new state loan program aimed at helping the hospitality industry.
But while supporting the New Jersey Hospitality Small Business Emergency Loan Program, NJBIA Vice President of Government Affairs Chris Emigholz said much more needs to be done, as reported by NJ101.5’s Michael Symons.
“Loans sometimes aren’t enough, and there are businesses that need these grants, need something to replace the lost revenue they have so they can keep people on payroll. And there’s a host of programs out there, federal and state programs … but it’s not enough. We need more,” Emigholz said.
New Jersey is receiving a $2.4 billion share of the $3.44 billion CARES Act funding. The remainder is going to the state’s nine largest counties.
Emigholz said some of that money can be used for support programs for small businesses.
“Billions of dollars that are meant for programs like this to help business that we can access and use without costing the state a dime,” Emigholz said.
If the New Jersey Hospitality Small Business Emergency Loan Program becomes law, at least $5 million in loans would have to be issued by the Economic Development Authority to beverage manufacturers, special food services and other hospitality industry businesses.
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