A key federal program that proved to be a lifeline for small businesses has ended. The Small Business Administration’s Paycheck Protection Program is now closed to new loan applications. The PPP program has provided nearly $800 billion to small businesses and nonprofits across the United States from the height of the pandemic. In New Jersey, the program has paid nearly $26 billion to businesses and nonprofits in the state. In the last round of funding, the SBA approved more than 153,000 loans in the state, with businesses receiving an average of about $55,000.
While the PPP loan program is closed, the state continues to roll out its own programs to help stimulate the economy. The latest offer comes from the New Jersey Economic Development Authority, which this week reopened a program that offers incentives to developers looking to build homes. Incentives are higher for projects in some of the state’s most distressed communities. EDA CEO Tim Sullivan said that in addition to providing much-needed new housing, the program will help spur economic growth by creating construction jobs. A total of $50 million has been made available for this program.
New Jersey hospitals pay for it. When the state was one of the nation’s hotspots for COVID-19, hospitals received donations of equipment and supplies to help them through those difficult months. Today, those same hospitals are donating equipment and money to hospitals in India, which are struggling to cope with a severe outbreak of COVID-19 cases. About 30 hospitals and health systems donate, according to the New Jersey Hospital Association. The association worked with State Senator Vin Gopal (D-Monmouth) to gather the supplies.