BUSINESS REPORT

Governor tosses small businesses a lifeline

BY Rhonda Schaffler, Correspondent |

Gov. Phil Murphy says if we want to help New Jersey’s economy, we need to help the state’s small businesses. So the governor will provide more than $50 million in federal CARES Act funding to directly support small businesses impacted by COVID-19. They’ll be able to apply for new grants from the New Jersey Economic Development Authority.

In Washington, the House spent the day debating a nearly $3 trillion coronavirus relief bill put forward by Democrats that includes another round of stimulus checks for residents. But Republicans in the Senate say the bill is dead on arrival.

Many residents who are struggling to pay their bills may be relying on credit cards. But that could be problematic, as banks have begun to lower spending limits on credit cards.