A slow NJ recovery is expected by New Jersey business leaders according to a survey taken in September, before the latest uptick in cases hit. With vaccine distribution imminent and hospitals and medical facilities shouldering this wave much more handily than in March and April, one would hope there would be more optimism amongst New Jersey businesses. Unfortunately, after taking a far greater toll than other States that locked down vulnerable populations early, New Jersey’s approach has been to swing the pendulum to the far edge of the lockdown spectrum in current times. The Governor himself said that more federal funds would provide more flexibility for lockdowns as apparently there is a realization that borrowing additional billions is not in the cards for a State already saddled with tremendous debt. Hopefully, the Governor will realize that a surgical approach would be a better mechanism for any future lockdowns needed as it would preserve an already decimated tax base and help prevent thousands of businesses from joining the ranks of those permanently closed. To keep businesses and residents from leaving the Garden State, smart thinking and planning is needed from the highest levels.
“Most New Jersey business leaders feel the state’s economic recovery from the COVID-19 pandemic will come at a much slower pace than the rest of the country — with many not expecting a rebound at all in 2021, according to the 62nd Annual Business Outlook Survey by the New Jersey Business & Industry Association. When asked how New Jersey’s economy will fare in the first six months of 2021, 28% reported it would be better, while 40% said it would be worse…”
Shared by Geoffrey G. Gussis, Esq., a business attorney and technology attorney licensed in New Jersey and New York. Learn more about me, the legal services I provide, and articles I have written. Contact: email@example.com or (732) 898-0549 for a free consultation.
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