NJ economic recovery musts focus on small businesses

Cynthia M. Giguere

Dawn M. Addiego

As we continue our efforts towards recovery following the COVID-19 pandemic, many of us tend to focus solely on the innumerable losses we have faced both individually and as a country. But  we cannot bring back everything that was lost. Instead, we must shift our focus to look forward and grow from this tragedy.

The first step to moving forward is revitalizing our economy. Small businesses are the backbone of our downtown areas, providing jobs for individuals and economic growth throughout the State. Across the nation, small businesses represent 99% of all firms, which created 10.5 million new jobs between 2000 and 2019.

And while small businesses are a crucial part of the country’s economy, it has been estimated that approximately one-third of businesses that were open in the beginning of 2020 have now closed.

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