Small Businesses Disappointed Newly Signed NJ Budget Fails to Stabilize Unemployment Insurance Trust Fund, Look to Action in the Fall to Protect Main Street

Date: June 30, 2022

FOR IMMEDIATE RELEASE

TRENTON, N.J. (June 30, 2022) – New Jersey Governor Phil Murphy today signed the FY2023 State Budget, and Eileen Kean, New Jersey State Director for the National Federation of Independent Business (NFIB), the state and nation’s leading small business advocacy organization, expressed deep concern that the nearly $51 billion spending plan failed to protect Main Street businesses from devastating tax hikes tied to the state’s Unemployment Insurance (UI) Trust Fund.

“NFIB thanks Senators Vin Gopal (D-11) and Fred Madden (D-4) for their unwavering support to replenish New Jersey’s UI fund and offer real financial help to Main Street businesses,” said Kean. “S-733 was pulled from the Senate Board list on the final day of voting before summer recess even though the bill had 22 bipartisan senators who cosponsored the legislation.”

“Small businesses alone should not shoulder responsibility for the government-mandated pandemic shutdowns that caused widespread unemployment,” continued Kean. “Businesses are still struggling to stay afloat post-pandemic, as they continue to deal with supply chain disruption and staffing issues. Adding an increased unemployment tax to this burden is economically destructive and simply not fair.” 

“NFIB is grateful that Governor Murphy’s front office has committed to working with lawmakers to reach a deal when the Legislature reconvenes in the Fall,” concluded Kean.

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For more than 75 years, NFIB has been the voice of small business, advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit www.NFIB.com.

Related Content: Small Business News | New Jersey

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