The government reported that 701,000 jobs were lost in March, but data for the monthly report was collected before widespread layoffs occurred, so economists believe the job losses are much worse. One Rutgers professor believe the unemployment rate has spiked to 10%.
Much-needed stimulus checks will start arriving soon, with the first round of payments expected by mid-April. Residents who request direct deposit payments when filing their taxes will get their checks first. Residents who usually get IRS refunds in the mail will get their stimulus checks a few weeks later. Social security recipients will also receive payments, and there’s no need for them to file a tax form.
Friday was the first day that New Jersey’s small businesses could apply for a federal loan and/or a grant from the New Jersey Economic Development Authority. The EDA’s $5 million grant program was oversubscribed within a few hours after the agency began accepting applications.