>>> FUNDING FOR "NJ BUSINESS BEAT" PROVIDED BY NEW JERSEY CHAMBER OF COMMERCE, WORKING TO KEEP NEW JERSEY IN BUSINESS.

ONLINE AT NJCHAMBER.COM.

CGI, A GLOBAL I.T.

AND BUSINESS CONSULTING SERVICES FIRM.

WE HAVE BEEN HELPING GOVERNMENTS AND PRIVATE SECTOR CLIENTS IN NEW JERSEY WITH THEIR EVOLVING TECHNOLOGY NEEDS FOR 30 YEARS.

LEARN MORE ABOUT OUR SERVICES AT CGI.COM.

AND IBEW LOCAL 102, PROUDLY SERVING NEW JERSEY'S BUSINESS COMMUNITY SINCE 1900.

LOCAL 102, LIGHTING THE PATH, LEADING THE WAY.

VISIT IBEW102.ORG.

>> IT IS A DONE DEAL.

WE BREAK DOWN THE LATEST COVID-19 RELIEF PACKAGE AND HEAR FROM SENATOR BOB MENENDEZ, PLUS, CREATING NEW GENERATIONAL WEALTH.

SENATOR BOOKER FOR HIS PUSH FOR BABY BONDS.

>>> AND ONE YEAR OF SHUTDOWNS, RESTRICTIONS, AND ECONOMIC PAIN.

WE'RE PUTTING THE ECONOMIC RECOVERY IN FOCUS, INCLUDING THE EFFORTS TO SUPPORT STRUGGLING SMALL BUSINESSES.

THAT'S STRAIGHT AHEAD ON "NJ BUSINESS BEAT."

♪ >> THIS IS "NJ BUSINESS BEAT" WITH RHONDA SCHAFFLER.

>> HELLO.

I'M RHONDA SCHAFFLER.

THANK YOU FOR JOINING US ON "NJ BUSINESS BEAT."

IF YOU'RE WATCHING ON YOUTUBE, MAKE SURE YOU SUBSCRIBE TO OUR NJ SPOTLIGHT NEWS YOUTUBE CHANNEL TO GET ALERTED WHEN WE POST NEW EPISODES AND CLIPS.

>>> WE BEGIN WITH BILLIONS MORE IN FEDERAL AID HEADING TO NEW JERSEY AND SOME OF THAT MONEY WILL END UP IN YOUR WALLET.

THE LATEST COVID RELIEF PACKAGE INCLUDES MONEY FOR STATE AND LOCAL GOVERNMENTS AND AN EXTENSION OF THE ADDITIONAL $300 A WEEK IN UNEMPLOYMENT BENEFITS.

THERE IS ALSO DIRECT PAYMENTS OF UP TO $1,400 ON THE WAY TO MANY NEW JERSEY RESIDENTS.

SENATOR BOB MENENDEZ BROKE IT DOWN FOR US.

>> ALMOST 3.7 MILLION HOUSEHOLDS IN NEW JERSEY WILL GET THE $1,400 CHECK.

ON AVERAGE IT WILL COME OUT CLOSER TO $2,600 PER HOUSEHOLD.

THAT'S NEARLY $9.6 BILLION THAT WILL COME TO NEW JERSEY.

>> THE RELIEF BILL ALSO INCLUDES FUNDS FOR RENTAL ASSISTANCE AND FOR SMALL BUSINESSES.

NEW JERSEY BUSINESSES WILL SOON BE ALLOWED TO OPEN THEIR DOORS TO MORE CUSTOMERS.

GOVERNOR PHIL MURPHY ANNOUNCED THIS WEEK THAT HE IS RAISING INDOOR CAPACITY LIMITS FROM 35% TO 50%.

HIS ORDER APPLIES TO RESTAURANTS AND BARS, SALONS, AND BARBERSHOPS, AND RECREATION BUSINESSES, INCLUDING GYMS AND ATLANTIC CITY CASINOS.

THE NEW LIMITS WILL GO INTO EFFECT ON FRIDAY, MARCH 19th.

>>> THIS WEEK, AN ANNUAL TRENTON RITUAL BEGAN AS THE STATE LEGISLATURE HELD ITS FIRST VIRTUAL HEARING ON GOVERNOR MURPHY'S PROPOSED $44.8 BILLION BUDGET FOR THE NEXT FISCAL YEAR, AND REPRESENTATIVES FROM NEW JERSEY'S BUSINESS COMMUNITY WERE THERE LOBBYING FOR MORE ASSISTANCE.

I SPOKE WITH MICHAEL HE GOENTON WITH THE NEW JERSEY CHAMBER OF COMMERCE.

>> THE CHAMBER HAS SPECIFIC IDEAS ABOUT HOW TO, IN YOUR WORDS, GET THE ECONOMY UP AND RUNNING.

WHAT WOULD YOU LIKE TO SEE HAPPEN TO THE BUDGET PROCESS THAT YOU THINK WOULD BE BENEFICIAL FOR BUSINESSES?

>> THANK YOU, RHONDA.

OBVIOUSLY THE NUMBER ONE PRIORITY FOR US AND HAS BEEN SINCE THE PANDEMIC HAS BEEN LIQUIDITY AND GETTING FUND TO OUR BUSINESS MEMBERS, PARTICULARLY SMALL BUSINESSES ON MAIN STREET.

THERE'S A DIRE NEED TO GET THEM UP AND RUNNING.

THERE'S ONLY SO MUCH, YOU KNOW, HELP THROUGH THE PAYROLL PROTECTION PROGRAM THAT CAME FROM THE FEDERAL GOVERNMENT, SO WE'RE LOOKING TO THE GOVERNOR'S OFFICE AND LEGISLATURE TO PUT THAT MONEY ON STREETS TO HELP OUR MEMBERS.

>> YOU ACTUALLY HAVE A FIGURE OF $500 MILLION.

TELL ME WHAT YOU WOULD LIKE TO SEE, WHY THAT AMOUNT, AND WHERE YOU WOULD LIKE TO SEE THE MONEY ALLOCATED.

>> WELL, WE CAME UP WITH THAT AMOUNT BECAUSE THERE IS A DIRE NEED OUT THERE TALKING TO OUR MEMBERS.

IN THE GOVERNOR'S BUDGET, THE GOVERNOR PRESENTED $200 MILLION.

THE STATE LEGISLATURE HAS A BILL CURRENTLY IN FOR $300 MILLION.

WE BELIEVE THE $500 MILLION IS NEEDED.

WE CAN CERTAINLY USE IT FOR BUSINESSES ACROSS THE BOARD.

AGAIN, FOCUSED ON SMALL BUSINESSES, GET THEM UP AND RUNNING.

IT'S BEEN IN DISCUSSIONS WITH OUR VARIOUS MEMBERS.

THEY'RE LOOKING FOR GRANTS, OBVIOUSLY.

YOU KNOW, LOANS ARE A WHOLE DIFFERENT BALL GAME.

THEY WOULD RATHER HAVE GRANTS, OBVIOUSLY, TO BRING THEIR PLOYS BACK AND GET THE ECONOMY UP AND RUNNING.

WHEN WE STRENGTHEN THE ECONOMY, WE CAN THEN ALLOCATE THOSE FUND TOWARDS THE OVERALL STATE BUDGET AND WE CAN DO MORE TO REBUILD NEW JERSEY'S ECONOMIC OUTLOOK.

>> AND YOU BELIEVE THAT IF BUSINESSES ARE ABLE TO GET MORE GRANTS, THIS IS ALSO GOING TO LEAD TO HIRING BACK WORKERS, RIGHT?

>> CORRECT.

LOOK, THE MOST VALUABLE ASSET FOR AN EMPLOYER IS THEIR EMPLOYEES AND TO BE SAFE DURING THE PANDEMIC, OBVIOUSLY, YOU KNOW, PEOPLE WERE WORKING VIRTUALLY FROM HOME.

EMPLOYERS ARE ANXIOUS JUST AS MUCH AS THE EMPLOYEES TO START BRINGING THEM BACK SAFELY.

BUT IN DOING SO, ANYONE THAT GOT LAID OFF OR FURLOUGHED, THAT FOR MOST EMPLOYERS IS THE FIRST PRIORITY.

SO WE WANT TO MAKE SURE THERE'S FUNDING THERE.

THERE WAS LEGISLATION THAT THE STATE CHAMBER ALSO SUPPORTED THAT HELPS EXTEND OUT THE PAYROLL TAX FOR A NUMBER OF YEARS.

SO THE EMPLOYERS DON'T GET HIT HARD RIGHT AWAY.

AS YOU KNOW, RHONDA , THAT HELPS SUPPLEMENT THE UNEMPLOYMENT INSURANCE FUND.

>> AND I KNOW IT'S EARLY DAYS, BUT WHAT'S YOUR SENSE ABOUT HOW THE BUDGET PROCESS WILL GO THIS TIME AROUND?

>> WELL, AGAIN, WE HOPE THAT BECAUSE MONEY IN THE BUDGET BOTH FROM THE FEDERAL GOVERNMENT AND AS A RESULT OF THE LAST BUDGET, AS YOU KNOW, THERE WERE SOME TAXES PUT ON THE BUSINESS COMMUNITY, THE MILLIONAIRES TAX, CORPORATE BUSINESS TAX.

WE THINK THE STATE IS ACTUALLY IN A GOOD POSITION TO HELP INFUSE THAT MONEY, AGAIN, TO BUSINESSES THAT REALLY NEED IT.

>> MICHAEL, THANKS.

GOOD TO TALK TO YOU.

>> THANK YOU, RHONDA.

>>> THE NJ BUSINESS AND INDUSTRY ASSOCIATION ALSO WANTS TO SEE MORE FUNDING FOR SMALL BUSINESSES ALONG WITH WORKFORCE DEVELOPMENT PROGRAMS.

THE NJ BIA, A FUNDER OF "NJ BUSINESS BEAT," ALSO CAUTIONED THAT THE RATE OF STATE SPENDING IS UNSUSTAINABLE AND COULD LEAD TO FUTURE TAX INCREASES.

ACCOUNTANTS WHO WORK IN NEW JERSEY ARE OFFERING THEIR TWO CENTS ON THE PROPOSED BUDGET.

THE NEW JERSEY SOCIETY OF CPAs SURVEYED THEIR MEMBERS ABOUT IT.

CEO AND EXECUTIVE DIRECTOR RALPH ALBERT THOMAS SAYS THEY FOUND BOTH POSITIVES AND NEGATIVES.

>> WE WERE OVERWHELMED THERE WERE NO TAX CREINCREASES.

WE DIDN'T SEE THE KIND OF SUPPORT THAT SHOULD BE GOING TOWARDS SMALL BUSINESSES.

>> NEW JERSEY LAWMAKERS ALSO HEARD FROM ADVOCATES WHO URGED THAT THE BUDGET INCLUDE MORE FUNDING FOR LOW-INCOME RESIDENTS AND THOSE HARDEST HIT BY THE PANDEMIC.

ONE UNIQUE OPTION TO HELP LOWER INCOME RESIDENTS AND CLOSE THE WEALTH GAP HAS BEEN PROPOSED BY U.S.

SENATOR CORY BOOKER.

HE'S TRYING AGAIN TO GET LEGISLATION PASSED THAT WOULD USE FEDERAL FUNDS TO CREATE A SAVINGS ACCOUNT FOR EVERY CHILD BORN IN THE U.S.

SENATOR BOOKER TOLD ME THIS TIME AROUND HIS BABY BOND BILL HAS SUPPORT AT THE TOP.

>> SENATOR, THE IDEA OF BABY BONDS IS SOMETHING YOU'VE BEEN TALKING ABOUT FOR QUITE SOME TIME.

YOU HAVE A BILL REINTRODUCED IN THE CURRENT SESSION.

HOW DOES THE BABY BONDS WORK AND WHY IS THE TIMING RIGHT FOR THEM NOW?

>> WE'RE SEEING MORE AND MORE GROWING WEALTH DISPARITIES IN OUR COUNTRY, PEOPLE WITH WEALTH HAVING ALL OF THESE TAX BREAKS TO CREATE MORE WEALTH.

BUT WHAT WE DON'T SEE IS A CHANCE FOR MANY AMERICANS, LARGE PERCENTAGE OF AMERICANS WHO DON'T HAVE WEALTH TO GET A START.

AND SO WE BELIEVE THAT EVERY AMERICAN AS A MATTER OF BIRTH RIGHT IN THE RICHEST NATION ON THE PLANET SHOULD'VE $1,000 PLACED INTO AN INTEREST-BEARING ACCOUNT.

WE KNOW ALREADY FROM DATA THE CHANCES OF A KID GOING TO COLLEGE GROW BY ABOUT 400%.

AND EVERY YEAR OF THAT CHILD'S LIFE, THEY WILL BE MONEY DEPOSITED INTO THAT, UPWARDS OF $2,000 FOR THE LOWEST INCOME KIDS, AND GRADUATED ALL THE WAY DOWN AS FAMILIES' EARNINGS ARE GREATER.

AND THAT KIND OF COMPOUND INTEREST OVER 18 YEARS WILL GROW ST EXTRAORDINARY WEALTH.

FOR THE LOWEST INCOME KIDS, THEY WOULD HAVE UP TO $50,000 TO INVEST IN THINGS THAT CREATE GENERATIONAL WEALTH, COLLEGE EDUCATION, BUYING A HOME, STARTING A BUSINESS.

IT WOULD HAVE A MULTIPLIER EFFECT FOR THE WHOLE ECONOMY, BUT REALLY EMPOWER A NEW GENERATION OF CHILDREN TO HAVE ECONOMIC OPPORTUNITY AND A REAL PLATFORM TO BEGIN LIFE.

>> SENATOR, SOME OF THE CRITICISM AROUND THIS IS, A, HOW CAN WE AFFORD IT, AND, B, I READ AN ARTICLE THAT SAID BASED ON WHERE INTEREST RATES ARE NOW AND THE ASSUMED RETURN, WE MIGHT NOT END UP WITH THE AMOUNT YOU'RE THINKING 18 YEARS AGO FROM NOW.

>> WELL, AS FAR AS THE EXPENSE, WE ALREADY SPEND ABOUT $600 BILLION ANNUALLY GIVING PEOPLE WITH WEALTH BREAKS TO CREATE MORE WEALTH.

SOME OF THEM I DEFEND, LIKE THE MORTGAGE INTEREST DEDUCTION.

YOU GET THIS EXTRA TAX EXPENDITURE, BUT THAT'S USED, THE MAJORITY IS BY PEOPLE MAKING $250,000 A YEAR.

WHY NOT JUST TAKE 10% THAT HAVE HELPING TO CREATE NEW WEALTH IN OUR COUNTRY?

NOW, AS FAR AS THE INTEREST RATES, YEAH, WE'VE SEEN A FEW YEARS OF THESE INTEREST RATES BEING FLAT.

BUT OVER AN 18-YEAR PERIOD, IF YOU SORT OF AGGREGATE THAT -- I LOOKED AT A LOT OF 18-YEAR CHUNKS, INTEREST RATES DO FLUCTUATE.

I DO NOT IMAGINE THEY'RE GOING TO STAY AS LOW AS THEY ARE RIGHT NOW OVER THE NEXT 18 YEARS.

>> SENATOR, IT'S OBVIOUSLY A DIFFERENT CONGRESS NOW THAN WHEN YOU FIRST INTRODUCED BABY BONDS LEGISLATION.

IT SEEMS THAT YOU ARE GETTING A BIT MORE SUPPORT IN YOUR CONVERSATIONS FOR THE BILL.

>> YES.

I'M EXCITED.

WE'VE GROWN TO 15 COSPONSORS IN THE SENATE, INCLUDING THE SENATE MAJORITY LEADER, WHICH IS A REALLY BIG BOOST.

AND I'M ALREADY IN CONVERSATIONS WITH THE BIDEN ADMINISTRATION ABOUT POTENTIALLY MAKING THIS ONE OF THEIR BIG PLAYS.

I WAS REMINDED BY THE MAJORITY LEADER THAT THIS WAS A BIPARTISAN BILL, SOMETHING SIMILAR WITH THIS WITH RICK SANTORUM AND CHUCK SCHUMER YEARS AND YEARS AGO.

AND I KNOW THAT THE VICE PRESIDENT, WHEN WE WERE ON A PRESIDENTIAL DEBATE STAGE DURING THE COMMERCIAL BREAK, HE EVEN MENTIONED TO ME HE WAS VERY IMPRESSED WITH THE POLICY.

SO I'M HOPEFUL THAT WE CAN GET MOMENTUM AND EVEN BIPARTISAN MOMENTUM BECAUSE, AGAIN, IN A CAPITALIST NATION, PEOPLE UNDERSTAND THAT PAYCHECKS HELP YOU GET BY, BUT WEALTH IS WHAT HELPS YOU GET AHEAD.

AND I THINK THERE'S A LOT OF FOLKS WHO MIGHT HAVE AN APPETITE TO HELP THIS COUNTRY, ALL OF ITS CITIZENS CREATE MORE WEALTH IN THEIR FAMILIES.

>> SENATOR BOOKER, SUCH A PLEASURE TO SPEAK WITH YOU ABOUT THIS.

THANK YOU SO MUCH.

>> THANK YOU, RHONDA.

GREAT TO SPEAK WITH YOU AS WELL.

>> IT IS HARD TO BELIEVE, BUT IT WAS A YEAR AGO THAT COVID-19 BEGAN TO TAKE ITS TERRIBLE TOLL ON NEW JERSEY.

PEOPLE LOST THEIR LIVES AND BECAME SERIOUSLY ILL. PEOPLE LOST THEIR JOBS AND LIVELIHOODS.

THE CORONAVIRUS CRIPPLED OUR STATE'S ECONOMY.

WE'RE PUTTING THE ONE-YEAR ANNIVERSARY OF THE ECONOMIC SHUTDOWN IN FOCUS THIS WEEK.

IN NEW JERSEY, THERE ARE NEARLY 39% FEWER BUSINESSES OPEN THROUGH THE END OF FEBRUARY COMPARED TO JANUARY 2020 RIGHT BEFORE THE PANDEMIC ACCORDING TO A HARVARD UNIVERSITY DATA TRACKING PROJECT.

OVER HALF OF THE STATE'S LEISURE AND HOSPITALITY BUSINESSES HAVE CLOSED.

MORE THAN A THIRD OF THE EDUCATION AND HEALTH SERVICES BUSINESSES HAVE SHUTTERED.

ABOUT THE SAME AMOUNT OF RETAIL AND TRANSPORTATION COMPANIES TURNED OUT THE LIGHTS FOR GOOD, AND THE STATE LOST MORE THAN 20% OF ITS BUSINESS SERVICES COMPANIES.

FOR NEW JERSEY'S HARD-HIT RESTAURANT INDUSTRY, THIS PAST YEAR HAS BEEN ABOUT JUST TRYING TO SURVIVE.

BOB WAGNER, MANAGING PARTNER OF BROAD DICK'S TAVERN IN THE MEDFORD AREA SHARES HIS STORY WITH ME.

>> BOB, WHAT A YEAR IT WAS FOR SO MANY BUSINESSES IN NEW JERSEY AND THE RESTAURANT INDUSTRY IN PARTICULAR.

HOW DID YOU GET THROUGH THIS PAST YEAR?

>> I WOULD SAY IN MY 36 YEARS OF BEING IN THIS BUSINESS WAS THE HARDEST WORKING YEAR BOTH PHYSICALLY AND MENTALLY I'VE EVER DONE IN MY LIFE.

SO IT WAS VERY HARD TO DO, BUT WE SURVIVED.

YOU KNOW, WE HAVE -- I HAVE GREAT MANAGEMENT TEAMS.

WHEN THE GAUNTLET CAME DOWN MARCH 16th, 2020, WE WENT DOWN AND WE HAD TO COMPLETELY REINVENT THE WHEEL.

I HAVE STRONG MANAGEMENT TEAMS AND WE HUNKERED DOWN AND WENT TO WORK.

BACK THEN TO-GO SALES WAS 2% OF OUR BUSINESS ON AVERAGE.

NOW IT'S UP OVER 20%, YOU KNOW.

SO IT WAS A WILD RIDE.

>> SO WHEN YOU SWITCHED TO TO-GO, WERE YOU DOING INHAD ME ROOM DINING ONCE WE STARTED TO SEE RESTRICTIONS LIFTED?

OR DID YOU REALLY HAVE TO CURTAIL?

>> WE HAD TO CURTAIL BECAUSE WE HAD TO SWITCH TO ALL CURBSIDE BECAUSE ORIGINALLY UP UNTIL -- I FORGOT THE DATE -- SOMETIME IN JUNE I THINK IT WAS, THAT'S WHEN WE GOT TO DO THE OUTSIDE DINING.

WE WENT TO OUTSIDE.

BUT WE WEREN'T ALLOWED TO DO ANYTHING.

IT WAS ALL CURBSIDE PICKUP, CURBSIDE TO GO.

WE WERE AT SKELETON CREWS.

WE LAID OFF ABOUT 95% OF OUR PEOPLE FURLOUGHED.

AND WE JUST KEPT IT BARE BONES JUST TO MAKE IT THROUGH.

WITHIN TWO WEEKS WE REDID OUR ENTIRE WEBSITES AND ALL OUR ONLINE TO GO SO PEOPLE COULD ORDER ONLINE ON THEIR SMARTPHONES.

SO WE HAD TO DO IT.

OR ELSE WE WERE GOING TO NOT SURVIVE.

>> SO HERE WE ARE ALMOST A YEAR LATER.

ARE YOU CONFIDENT THAT BUSINESS IS GOING TO PICK UP AND THAT YOUR FINANCIAL HOUSE WILL GET MORE IN ORDER?

>> I'M CONFIDENT IN OUR FINANCIAL WELL-BEING MORE THAN I AM -- WE'RE GOING TO BE HERE.

WHAT I TELL MY EMPLOYEES AND CUSTOMERS, WE'RE GOING TO BE HERE WHEN IT'S ALL SAID AND DONE.

I DON'T KNOW WHEN OVER IS GOING TO BE, BUT THERE'S DIFFERENT PATTERNS IN THE BUSINESS NOW.

THE BUSINESS IS NOT THE SAME AS IT WAS TWO YEARS AGO.

IT CHANGES EVERY DAY.

IT LITERALLY DOES.

YOU KNOW, WITH HAVING, YOU KNOW, TODAY THE GOVERNOR MADE 50% OCCUPANCY AS OF MARCH 19th IT'S GREAT FOR CONSUMER CONFIDENCE, BUT IN OUR FOUR PLACES, AT 35% WE ONLY GAINED A COUPLE EXTRA SEATS.

WHEN YOU HAVE THE MY FOOT SOCIAL DISTANCING, YOU DON'T GAIN ZIG I'M SURE YOUR PEERS AND COLLEAGUES ARE NOT IN THE SHAPE YOU'RE IN.

THEY DID NOT MAKE IT THROUGH THIS YEAR.

HOW DO YOU KIND OF RATIONALIZE THAT MANY PEOPLE JUST COULDN'T DO IT?

AND THEY'RE HORRIBLE YEAR ENDED WORSE.

>> MY HEARTED GOES OUT TO 'EM.

EVERYBODY THAT WORKED FOR US, WE'VE BEEN IN BUSINESS OUR LITTLE COMPANY FOR, LIKE, 23 YEARS.

WE'RE GOING ON OUR 23rd YEAR AND KNOCK ON WOOD WE HAVE SOME BEST EMPLOYEES IN THE BUSINESS.

I TOLD THEM WE'RE GOING TO MAKE IT THROUGH AND YOU'RE GOING TO BE HERE WITH US.

BUT THOSE ONES THAT DIDN'T MAKE IT -- I'VE TALKED TO SOME AND THEY JUST -- THEY WEREN'T READY.

IT'S FUNNY.

YOUR PARENTS ALWAYS TELL YOU, YOU KNOW, YOU GOT TO SAVE FOR A RAINY DAY.

YOU TRY TO TEACH YOUR KIDS THAT, YOU KNOW.

NOW WE'RE OLDER AND YOU HAVE TO HAVE SOME RAINY DAY MONEY AND YOU HAVE TO BE READY TO GO NOT ONLY IN YOUR BUSINESS BUT PERSONAL LIFE.

AND THE SAD THING IS WHEN THIS THING HIT HARD AND FAST, PEOPLE WEREN'T READY FOR IT.

>> BOB, THANK YOU FOR SHARING YOUR STORY.

BEST OF LUCK IN THIS YEAR AHEAD TO YOU.

>> THANK YOU VERY MUCH.

THANKS FOR HAVING ME ON.

>>> SO WHERE DO WE GO FROM HERE?

FOR SOME TIME, BOTH BUSINESS LEADERS AND SOME POLITICIANS HAVE URGED A FASTER REOPENING OF NEW JERSEY'S ECONOMY.

REGINA AGEE, PRESIDENT OF THE THINK TANK THE GARDEN STATE INITIATIVE SAYS BUSINESSES NEED TO GET THEIR CUSTOMERS BACK ASAP.

SHE'S GOT A FEW IDEAS ON HOW TO GET THE ECONOMY GOING.

>> REGINA, AS YOU LOOK BACK AT THIS PAST YEAR IN NEW JERSEY AS THE PANDEMIC REALLY DISRUPTED OUR ECONOMY, WHAT ARE SOME OF THE KEY TAKEAWAYS FOR YOU?

>> HONESTLY, RHONDA, YOU KNOW, ALL THE SPORTS, THERE WERE MANY LIFE SITUATIONSMENT THAT'S NOT HOW YOU GET KNOCKED DOWN, IT'S HOW YOU GET BACK UP.

SO I REALLY, YOU KNOW, THINK ABOUT HOW NEW JERSEY'S TRYING TO GET BACK UP BECAUSE WE ALONG WITH THE OTHER STATES HAVE HAD A REALLY DIFFICULT PERIOD.

BUT I THINK WE NEED TO THINK ABOUT, IS GETTING BACK UP AND GETTING BACK UP TO A FULL RUN AS QUICKLY AS POSSIBLE.

YOU KNOW, IT WAS MOSTLY CONCENTRATED AND WE'VE SEEN THE RESULTS IN NEW JERSEY IN THE HOSPITALITY, ENTERTAINMENT CATEGORIES.

THOSE ARE THE SMALL BUSINESSES THAT EVERYBODY'S BEEN TALKING ABOUT THAT REALLY CONTINUE TO, YOU KNOW, ZBSTRUGGLE.

>> WHAT DO WE NEED TO DO TO HELP THESE COMPANIES GET BACK UP?

>> YOU WANT TO GET CUSTOMERS THROUGH THE DOORS.

SO THE SOONER WE CAN ENABLE THE BUSINESSES TO BRING CUSTOMERS THROUGH THE DOOR IN A SAFE, OBVIOUSLY, RESPONSIBLE WAY, AND I THINK IT'S BEEN PROVEN THAT, YOU KNOW, INDIVIDUALS KNOW HOW TO BEHAVE AND BUSINESSES KNOW HOW TO MANAGE IT, ENCOURAGING.

AND I HAVE SOME IDEAS THAT I'D LOVE TO TALK TO YOU IN TERMS OF HOW TO GET THAT BUSINESS STARTED.

>> PLEASE DO.

>> WELL, FOR EXAMPLE, I MEAN, OTHER STATES ARE ALREADY DOING IT, IS TAX HOLIDAYS.

WE COULD USE THAT TOOL IN NEW JERSEY, ESPECIALLY WITH THE INFLUX OF SOME OF THE FEDERAL AND OTHER MONIES COMING, BORROWED FUNDS.

A LOT OF FAMILIES ARE GOING TO LOOK AGAIN AT STAYCATIONS BECAUSE EUROPE ISN'T OPEN YET AND OTHER PLACES ARE STILL -- PEOPLE AREN'T COMFORTABLE FLYING.

SO YOU COULD PROMOTE THE SHORE AREA AND GIVE THEM THE TAX HOLIDAY IN JULY.

YOU COULD BEGIN THE SEASON, MEMORIAL DAY WEEKEND, WHETHER IT'S SALES TAX, HOTEL, MOTEL TAXES, ANY WAY TO GET PEOPLE TO COMMIT NOW TO, YOU KNOW, BUILD MORE ECONOMIC ACTIVITY DOWN IN THE SHORE AREA THIS SUMMER.

I THINK IT'S A GREAT OPPORTUNITY.

>> THERE'S BEEN SOME CRITICISM FROM THE BUSINESS COUNCIL IN TERMS OF WHAT GOVERNOR MURPHY HAS SAID AND HAS NOT SAID ABOUT A REOPENING PLAN FOR BUSINESSES.

DO WE NEED MORE CLARITY ON THAT?

>> I THINK, YOU KNOW, WE'VE ALL ENDURED A LOT OF COMPLIANCE WITH HOW TO BEHAVE IN PUBLIC AND SAFETY PRECAUTIONS.

I CAN'T IMAGINE WHY WE'RE GOING SLOW.

EVERYONE AROUND US IS STARTING TO MOVE AHEAD OF US, AND THE SOONER WE MOVE INTO FULLER CAPACITY AND MOVING AHEAD, I THINK THE BETTER OFF WE'LL BE.

PUT THE RESPONSIBILITY ON THE INDIVIDUAL BUSINESSES AND THE INDIVIDUALS WHO WANT TO GO TO THOSE BUSINESSES.

>> REGINA, THANK YOU FOR YOUR TIME.

>> THANKS A LOT, RHONDA.

APPRECIATE YOU HAVING ME >>> NOW, THERE ARE POSITIVE DEVELOPMENTS THAT SHOULD MAKE US FEEL A BIT HOPEFUL.

THE CEO OF OCEAN FIRST BANK, CHRISTOPHER MAR, SAYS HE'S NOTED AN IMPORTANT SHIFT IN THINKING FROM HIS CUSTOMERS.

THEY'VE GONE FROM BEING IN SURVIVAL MODE TO LOOKING TO THE FUTURE.

>> WE'RE STARTING TO SEE OUR CUSTOMERS MAKE LONG-TERM BUSINESS DECISIONS, AND THAT'S GREAT FOR THE ECONOMY.

STARTING TO EXPAND THEIR BUSINESSES, MAYBE GETTING BACK TO HIRING PEOPLE.

SO WE'RE STARTING TO SEE, BUT WE HOPE IT WILL BE AN ENDURING WAVE OF REALLY POSITIVE ECONOMIC ACTIVITY THIS YEAR.

>> THE LATEST ECONOMIC DATA FOR NEW JERSEY DOES SHOW IMPROVEMENT FROM THE DEPTHS OF THE CRISIS.

BUT FOR THE BUSINESSES, ONE KEY QUESTION REMAINS.

WILL THEY HAVE ENOUGH FUNDS TO TIDE THEMSELVES OVER UNTIL THINGS GET BACK TO NORMAL?

OVER THE PAST YEAR THE NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY HAS PROVIDED GRANTS AND LOANS TO TRY TO HELP, AND THE CEO OF THE EDA, TIM SULLIVAN, SAYS MORE MONEY COULD BE ON THE WAY NOW THANKS TO THAT NEW COVID-19 RELIEF BILL.

>> OVER THE PAST YEAR, THE EDA ROLLED OUT NUMEROUS PROGRAMS TO TRY TO GIVE SMALL BUSINESSES A BIT OF A LIFELINE TO GET THROUGH THE PAST COUPLE MONTHS.

AS YOU LOOK BACK, HOW DID THOSE PROGRAMS FARE?

I KNOW REGARDLESS OF THE MILLIONS, THERE JUST WAS MORE DEMAND THAN SUPPLY.

>> THE GOOD NEWS IS WE GOT LOTS OF APPLICATIONS FOR THOSE PROGRAMS.

AND WE ENDED UP SUPPORTING 55,000 BUSINESSES DIRECTLY IN THE LAST 12 OR SO MONTHS.

EVEN THOUGH WE WERE OVER SUBSCRIBED, THE GOVERNOR WAS ABLE TO ADD FUNDING.

AFTER THE FIRST ROUND BACK IN APRIL OR EARLY MAY OF LAST YEAR, WE DIDN'T HAVE TO SAY "NO" TO ANYONE BECAUSE WE RAN OUT OF FUNDS.

>> NOW THAT WE ARE HOPEFULLY GOING TO SOON GET A FINAL APPROVAL ON ANOTHER COVID RELIEF BILL FROM WASHINGTON, HOW POTENTIALLY COULD SOME OF THAT FEDERAL MONEY BE FILTERED OUT TO NEW JERSEY BUSINESSES?

>> THE SHORT ANSWER IS THERE'S NO SHORTAGE OF NEEDS FOR THAT FUNDING.

AND SO SMALL BUSINESSES -- I'M SURE THE GOVERNOR HAS A LENGTHY LIST OF NEEDS FOR THE STATE.

SMALL BUSINESSES WILL CONTINUE TO BE A PRIORITY.

IT'S A PRIORITY IN THE GOVERNOR'S BUDGET THAT HE ANNOUNCED A COUPLE WEEKS AGO.

THE CLOUDS ARE STARTING TO PART, BUT THIS IS NOT OVER.

THERE'S BOTH A STABILITY AND THEN THERE'S A RECOVERY IN GETTING BACK ON OUR FEET AS IT RELATES TO SMALL BUSINESS AND MAIN STREET.

WE KNOW THERE'S WORK AHEAD.

>> WHEN YOU LOOK BACK AT SOME OF THE VARIOUS PROGRAMS THAT WERE LAUNCHED, I KNOW YOU'RE STILL IN TRIAGE MODE, BUT WAS THERE SOMETHING THAT HAPPENED IN THE PAST YEAR THAT YOU MIGHT PACKAGE UP AND BRING OUT IN THE FUTURE?

I'M THINKING, FOR INSTANCE, OF THE SUSTAIN AND SERVE PROGRAM, WHICH IS A VERY UNIQUE SORT OF OPPORTUNITY.

WHAT DO YOU THINK WILL PERHAPS BE LASTING FROM SOME OF THE PROGRAMS THAT DID GET INTRODUCED IN THE PAST YEAR?

>> YEAH.

I THINK IT'S A GREAT EXAMPLE OF THAT.

THIS IS A PROGRAM THAT THE GOVERNORS ANNOUNCED A WEEK AGO, THE $14 MILLION OF FUNDS TO NONPROFITS THAT BUY FOOD IN BULK FROM RESTAURANTS THAT NEED THE BUSINESS AND GIVE IT TO FACTORS THAT NEED THE FOOD.

AND SO THE STATE'S PROVIDING A $14 MILLION ALLOCATION OF FEDERAL DOLLARS THAT'S GOING TO SUPPORT THE PURCHASE OF MEALS FOR HUNGRY NEW JERSEYANS AND BUSINESSES AND RESTAURANTS THAT COULD BENEFIT FROM THAT INFUSION OF ORDERS.

IF MORE FUNDS BECAME AVAILABLE, THAT WOULD CERTAINLY MAKE SENSE TO EXTEND AND EXPAND.

TECHNICAL ASSISTANCE, WE HELPED A LOT OF SMALL BUSINESSES, A COUPLE HUNDRED SMALL BUSINESSES UP THEIR GAME AS IT WERE RELATED TO THINGS LIKE ONLINE ORDERING AND GETTING THEIR E-COMMERCE PRESENCE IN BETTER SHAPE.

THAT'S A GOOD INVESTMENT IN THE ECONOMY, YOU KNOW, IN GOOD TIMES OR IN DIFFICULT TIMES BECAUSE, YOU KNOW, GIVING SMALL BUSINESSES, YOU KNOW, BETTER TOOLS TO SORT OF COMPETE, PARTICIPATE IN THE 21st CENTURY, 2021-STYLE ECONOMY IS A GOOD THING.

WE SAW BUSINESSES STRUGGLE WITH THAT IN THE EARLY DAYS.

SO MANY BUSINESSES ARE SO RESILIENT AND QUICK TO ADAPT TO THIS NEW REALITY, BUT WE WANTED TO MAKE SURE WE WERE ABLE TO HELP AS MANY AS WE COULD.

>> TIM SULLIVAN, GOOD TO TALK TO YOU.

THANKS FOR YOUR TIME.

>> RHONDA, THANK YOU SO MUCH FOR HAVING ME.

GREAT TO BE WITH YOU.

>> THAT WRAPS UP OUR SHOW FOR THIS WEEK.

THANK YOU FOR WATCHING.

ARE YOU A BUSINESS INTERESTED IN SPONSORING "NJ BUSINESS BEAT"?

CONTACT STEVE PRIOLO AT THE EMAIL OR PHONE NUMBER YOU SEE AT THE BOTTOM OF YOUR SCREEN.

I'M RHONDA SCHAFFLER.

SEE YOU NEXT WEEK.

>> Announcer: FUNDING FOR "NJ BUSINESS BEAT" PROVIDED BY NEW JERSEY CHAMBER OF COMMERCE, WORKING TO KEEP NEW JERSEY IN BUSINESS.

ONLINE AT NJCHAMBER.COM.

CGI, A GLOBAL I.T.

AND BUSINESS CONSULTING SERVICES FIRM.

WE HAVE BEEN HELPING GOVERNMENTS AND PRIVATE SECTOR CLIENTS IN NEW JERSEY WITH THEIR EVOLVING TECHNOLOGY NEEDS FOR 30 YEARS.

LEARN MORE ABOUT OUR SERVICES AT CGI.COM.

NJ BIA, A CATALYST FOR BUSINESS GROWTH IN THE PAST 110 YEARS AND BUILT TO ADVANCE THE SUCCESS OF OUR MEMBERS IN TODAY'S NEW NORMAL.

AND IBEW LOCAL 102, PROUDLY SERVING NEW JERSEY'S BUSINESS COMMUNITY SINCE 1900.

LOCAL 102, LIGHTING THE PATH, LEADING THE WAY.

VISIT IBEW102.ORG.

♪