Establishes commission to study effects of COVID-19 on small businesses.
The creation of this commission is crucial for understanding and addressing the economic hardships faced by small businesses during the pandemic. Its findings are expected to provide insights into the extent and nature of the struggles encountered by these enterprises, particularly in terms of financial recovery and resilience-building. The resolution underscores the importance of equipping small businesses with necessary resources and information, thereby aiming to better prepare them for future economic challenges. Notably, the commission's findings will not only benefit small businesses but also larger corporations in New Jersey that rely on these small entities as customers.
SJR56 is a joint resolution aimed at establishing a 'Small Business Assistance Commission' in New Jersey to study the effects of the COVID-19 outbreak on small businesses. The resolution highlights the significant economic disruption caused by the pandemic, particularly on small businesses, which are defined as firms employing fewer than 100 employees. The commission will be tasked with collecting and analyzing data on how these businesses were affected by COVID-19 and what support they received in the form of grants and loans. It is anticipated that the outcomes of this research will assist small businesses in better preparing for similar future crises.
While the specifics of SJR56 do not appear to involve overt points of contention based on the available text, there may be underlying tensions related to differing opinions on how effectively government can support small businesses during crises. The focus on small business support aligns with broader discussions around economic recovery, public health policies, and the role of government intervention in the economy. Potential skepticism towards such commissions could arise from concerns over bureaucratic efficiency or the adequacy of the proposed solutions to the challenges faced by small businesses.