Activity report: pessimism of small businesses, cancellation of PPP loan, delayed unemployment benefits | Video
Small business optimism is at its lowest level since 1973, according to a new national survey from the NFIB, the association for small businesses. Eileen Kean, director of the organization in New Jersey, points out that pandemic-related restrictions on small businesses is one of the issues plaguing the community. She says lawmakers must do more to save small businesses.
Many businesses that have received Federal Paycheck Protection Program (PPP) loans will not have to repay the money. The Small Business Administration announced that it canceled 1.1 million loans for a total of $ 100 billion. In New Jersey, more than 150,000 small businesses and nonprofits have received forgivable loans, including the Sky Blue women’s football team, which is owned by Governor Phil Murphy.
Unemployed New Jersey residents were supposed to receive an additional $ 300 per week in federal unemployment benefits at the start of this week, but some of those payments are delayed. Murphy said on Wednesday the delays were due to issues with processing federal payments, but the issue was being resolved. The state labor department says it still hopes to get the payments this week and notes that state unemployment benefits should not be affected.
Residents of Jersey City who are unable to pay their rent or utilities are getting help. Mayor Steve Fulop is making $ 2.5 million available to eligible residents for up to three months of relief.