On March 8, your Greater Atlantic City Chamber joined the New Jersey State Chamber of Commerce and the New Jersey Chamber Alliance penned a letter to NJ State Legislators to provide feedback and offer suggestions about ways to most effectively allocate funds that will help our economy recover from the COVID-19 pandemic.
There were many positive elements in the proposed budget, particularly that it does not include new or increased taxes. In addition, we are encouraged to see investments in education, innovation, and infrastructure.
However, as we continue to lift restrictions and allow for more businesses to increase capacity, we need to equip them with the tools they need to survive, recover, and prosper. As such, we made the following recommendations:
- $500 to $600 million in aid to small business for working capital
- Consider other spending allocations in the budget that could be reduced or reallocated to support a full payment to the pension system
- Ensure that any future dollars that NJ realizes in federal aid can be used for productive purposes such as replenishing the state unemployment fund or reducing debt
- Cut the cost of government
- Invest in opportunities for business growth
We believe that supercharging economic recovery is achievable within the proposed budget if our requests are implemented.