Senate Republicans again urged their Democratic colleagues to pass a bill providing $300 million in aid for the state’s struggling small businesses.
“Recent reports indicate that more than 30% of New Jersey’s small businesses have closed their doors permanently since the start of the pandemic,” four of the chamber’s GOP members said in a letter to Senate President Steve Sweeney (D-West Deptford) and Senate Budget Chairman Paul Sarlo (D-Woodridge). “If we are to save those that remain, the Legislature must act immediately to authorize the emergency funding that Governor Murphy has repeatedly failed to provide.”
The letter was sent by Senate Republican Budget Officer Steve Oroho (R-Frankling) and State Sens. Sam Thompson (R-Old Bridge), Declan O’Scanlon (R-Little Silver), and Michael Testa (R-Vineland).
They want the small business aid to be included as part of Democrats next pass at tax incentives. Those programs have been a sore spot between Sweeney and Gov. Phil Murphy, who argued over oversight and whether such programs should include caps.
The senate president earlier this week told Politico New Jersey he wanted the programs passed and signed into law by the end of the year. Two major — and controversial — tax incentive programs, the Grow NJ Assistance Program and the state and local Economic Redevelopment and Growth programs, sunset last June.
Murphy vetoed a bill that would have extended their lives.
“As New Jersey’s small businesses continue to hemorrhage funds, many business owners have dipped into personal nest eggs and depleted their life savings to keep their doors open and continue paying their employees,” the Republicans said. “We have heard from many that they are quickly running out of money and time.”