The Coronavirus pandemic has had a significant impact on all aspects of the US economy, but has been particularly detrimental for small businesses throughout the country. Our small businesses are the backbone of the U.S. economy, and make up more than 99% of New Jersey’s total businesses. In North Jersey, with our proximity to the economic hubs of neighboring states, the toll of pandemic-induced closures and subsequent regulations is almost unfathomable. To recover, small business owners need more time and fewer restrictions on loans.
Throughout the pandemic, Congressman Josh Gottheimer has worked tirelessly for NJ’s small businesses, most notably helping to pass the CARES Act that allocated $669 billion for the Paycheck Protection Program (PPP). With the CARES Act, small businesses are able to maintain their payrolls, provide their employees with job security, and take care of any extraneous overhead and costs. He also co-sponsored the bipartisan PPP Flexibility Act, which gives business owners more leeway with the use of their loans, extends loan terms by three years, and ensures that PPP recipients can take full advantage of the payroll tax deferment. Acknowledging that the pandemic is not likely to be over soon and that the road to recovery is a long process, the law triples the length of the forgiveness period for expenses and forgoes the previously decided June 30 rehiring deadline for employers.
In times of crisis, we need leaders that listen and do what is best for the people they serve. Mr. Gottheimer will continue to be instrumental in New Jersey’s economic recovery, and we need him in office to continue to effectively champion our voices at the national level.