BUSINESS REPORT

Murphy reaches a deal to borrow billions

BY Rhonda Schaffler, Correspondent |

Gov. Phil Murphy has reached an agreement with state legislative leaders on a plan to borrow billions of dollars to help address a revenue shortfall. The agreement allows the administration to borrow up to $9.9 billion to address the financial fallout from COVID-19.

A former governor’s push to save small businesses is having an impact. The New Jersey 30 Day Fund, the nonprofit founded by Gov. Chris Christie and his wife Mary Pat, has now awarded forgivable loans to 100 small businesses across the state. The fund, which was launched about a month ago, has received more than $500,000 from individual donors.

Labor groups and social justice organizations are currently organizing a nationwide Strike for Black Lives. They are urging workers to participate in a mass walkout of work on July 20 to protest systemic racism. Organizers say racism is standing in the way of career opportunities for many Black and Hispanic workers and they say those workers also need benefits like affordable health care coverage.