More New Jersey small businesses close down

WHAT YOU NEED TO KNOW:


  • Multiple reports have stated that about a third of the small businesses in New Jersey have closed down in 2020.
  • Business owners are reportedly concerned about the possibly worsening trend as coronavirus relief talks are still stalled on Capitol Hill.
  • New Jersey is still experiencing a new wave of cases like the rest of the US.



New Jersey’s small businesses are suffering, with about a third closing down in 2020, The Star-Ledger reported.

“It’s really bad,” said Eileen Kean, the state director of the National Federation of Independent Business. “And without federal dollars coming into New Jersey, the Main Street stores and other establishments are not gonna make it through the winter.”

According to the New Jersey Business & Industry Association, about 28 percent of businesses closed down by October. As of Nov. 9, about 31 percent of businesses have closed down, according to Harvard-based data project TrackTheRecovery.org. The website stated that this number is just above the national average.

Business owners are reportedly concerned about the trend, which is projected to worsen despite the holiday shopping season, since coronavirus relief talks are still stalled on Capitol Hill.

Several experts have warned immediate action pertaining to benefits related to the CARES Act, which are set to expire at the end of the year. This will include the moratorium on evictions and expanded unemployment benefits.

New Jersey Gov. Phil Murphy has been feeling the stress of the state’s residents, who heckled him last week while he and his family dined at an outdoor restaurant.

Murphy acknowledged “the overwhelming amount of stress” in an interview with CBS This Morning: “The stress levels are exceptionally high. You’ve lost a job, you’ve lost a business, you’ve lost a loved one. I can’t blame folks for being stressful.”

Like the rest of the U.S., the number of new cases is also increasing in New Jersey. The state has reported more than 329,000 cases and around 17,000 deaths. The state also reported the most number of cases in a single day, 4,669 cases, on Nov. 21.

 

Source: The Hill

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