BUSINESS REPORT

Have we seen the worst in job losses?

BY Rhonda Schaffler, Correspondent |

Roseland-based ADP says the economy lost another 2.76 million jobs in May. While that number is high, it was much lower than estimates, leading some economists to ponder whether we’ve seen a peak in total job losses due to COVID-19.

The state is getting ready to hand out a total of $45 million in grants to small businesses to try to tide them over during this time. Economic Development Authority CEO Tim Sullivan says one-third of that money will go to businesses in economically distressed parts of the state that have been hit hard during COVID-19. The EDA will start taking grant applications Tuesday.

Over the last few days, we’ve seen many companies speak out against racism as demonstrations unfolded across the United States. That includes the world’s largest health care company, New Brunswick-based Johnson & Johnson. CEO Alex Gorsky said in a letter to employees that racism in any form is unacceptable. The company is pledging $10 million over the next three years to advance social justice.