Small Business Reaction to Gov. Murphy’s Proposed Budget

TRENTON (Feb. 23, 2021) – The National Federation of Independent Business (NFIB), a small business association with thousands of members in New Jersey, reacted today to Governor Phil Murphy’s proposed budget. The following comments are attributable to NFIB’s New Jersey State Director, Eileen Kean:

“It is good to hear our Governor is not seeking to raise taxes and wants to provide additional relief to small businesses that are still struggling. Today, nearly a year since state-ordered business shutdowns, many small businesses remain under state capacity restrictions and their future is very fragile. It is also is appreciated that the state won’t tax the federal PPP loans that saved so many businesses.

Gov. Murphy said full funding of the pension obligation will create long-term solvency. But to prevent the exponential growth of future pension costs the benefit must be restructured to make it sustainable. A responsible step like that would offer business owners more certainty and give them the confidence to grow. Wouldn’t that make for the stronger post-pandemic New Jersey the Governor talks about?”