Source: United States Senator for New Jersey Bob Menendez
NEWARK, N.J. – U.S. Senator Bob Menendez (D-N.J.), Congressman Donald Payne, Jr. (D-N.J.-10) and Newark Mayor Ras J. Baraka joined today with the New Jersey Economic Development Authority (NJEDA) for a Small Business Walk along Newark’s Halsey Street to kick off National Small Business Week.
“Anyone who has spent time in the halls of Congress has heard the common refrain: ‘small businesses are the backbone of our economy.’ It’s repeated so often because it’s true,” said Sen. Menendez. “Especially after the past two years, as small businesses across our state and across our country have had to overcome unprecedented challenges, it’s clear: Their success is our success. And it is why it’s so important that we advocate for them through legislation that allows them to adapt, to persist, and to thrive.”
For more than 50 years, the U.S. Small Business Administration (SBA) has celebrated National Small Business Week during the first week of May. The week recognizes the critical contributions of America’s entrepreneurs and small business owners. Small Business Week 2022 celebrates the resiliency and tenacity of America’s entrepreneurs who are doing their part to power our nation’s historic economic comeback. In New Jersey, small businesses account for 99 percent of all businesses and employ over 1.9 million people, according to SBA statistics for 2021.
Sen. Menendez has long been a champion of small businesses, fighting for increased access to capital, greater financial protections, and critical resources before and during the COVID-19 pandemic.
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To assist small businesses during the pandemic, Sen. Menendez voted in support of $800 billion for the Paycheck Protection Program and for nearly $30 billion in the Restaurant Revitalization Fund. In New Jersey, over 300,000 PPP loans were approved and 90% of them have already been forgiven. The Restaurant Revitalization Fund helped over 3,000 restaurants across the state. Sen. Menendez is also a cosponsor of the $60 billion RRF Replenishment Act and the $30 billion GYMS Act, which provides direct assistance to impacted gyms and fitness centers.
Last November, the Senator introduced The Small Business Lending Disclosure Act of 2021, to prevent small business owners from predatory lenders. Along with Rep. Payne in the U.S. House of Representative, Sen. Menendez has sponsored and will re-introduce The Payment Choice Act which is aimed at providing consumers the freedom to choose how to pay for goods or services when they support small businesses. While many establishments moved to contactless payment during the pandemic, many New Jerseyans require the ability to pay for goods with cash.
“I am always proud to visit the small businesses in the 10th district, especially during National Small Business Week,” said Rep. Donald M. Payne, Jr. “The Halsey Street community has been a vital part of Newark since the city was founded and we must make sure the small businesses located there are supported. That is why I have fought to provide them and all small businesses nationwide more access to capital and increased opportunities for them in our economy. I helped secure billions of dollars in assistance to help our small businesses during the COVID-19 pandemic, including a recent bill that provides $42 billion for restaurants and other food service businesses to pay bills and their employees. In addition, the bill includes $13 billion for small businesses that lost 40 percent or more of their revenue during this pandemic. Small businesses are the foundation of our economy and we must help them thrive.”
“Small businesses have proven to be the backbone of our economy and Small Business Week is an opportune time for not only Newark, but across the state and country to support local businesses,” said Mayor Baraka. “I’m grateful for Senator Menendez, Congressman Payne Jr. and NJEDA CEO Tim Sullivan taking the time to visit with some of our small businesses today, as I know that continued collaboration with our federal, state, and local partners will continue to help us restore our economy and recover from the effects of the pandemic.”
The Small Business Walk included stops at The Walla, BrownMill, Sweetwaters Coffee & Tea, and Halsey Cleaners. Through programs like Sustain and Serve and the NJEDA COVID-19 Emergency Assistance Grant, both implemented during the pandemic to assist struggling small businesses, the NJEDA has provided crucial resources to New Jersey Small businesses including several in Newark including The Walla, Sweetwaters and Halsey Cleaners.
“During National Small Business Week, we celebrate the resiliency and tenacity of New Jersey’s small businesses owners who are doing their part to power our country’s economic comeback in the wake of the COVID-19 pandemic,” said NJEDA Chief Executive Officer Tim Sullivan. “New Jersey’s economy thrives when our small businesses succeed, and today’s walk served as a testament to Governor Murphy’s efforts and the federal delegation’s commitment to ensuring our small businesses always have the tools and funding necessary to prosper. Through vital programs like Sustain and Serve and the COVID-19 Emergency Assistance Grant, NJEDA was able to help thousands of small businesses across New Jersey keep their lights on and doors open. Seeing NJEDA supported businesses like Sweetwaters Coffee and Tea, Halsey Street Cleaners and Burger Walla thriving showcased firsthand the resiliency of New Jersey’s entrepreneurs who are vital components of our state’s economic recovery.”
Launched by the New Jersey Economic Development Authority (NJEDA) in December 2020, Sustain & Serve NJ has provided eligible entities with grants to purchase meals from New Jersey-based restaurants that have been negatively impacted by COVID-19 and distribute the meals for free to the community. Through the first two phases of the program, the NJEDA awarded more than $34 million to 31 organizations across the state, purchasing nearly 3.5 million meals from more than 400 participating restaurants across nearly 150 municipalities in all 21 counties. The Sustain & Serve NJ program was funded through the American Rescue Plan.
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