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Nearly 150,000 NJ Businesses Received PPP Loans

The US Treasury Department reported that 147,550 New Jersey businesses have received some $17.2 billion in federal loans from the Paycheck Protection Program (PPP) passed by Congress to help businesses weather the Covid-19 economic shutdown. 

The program has so far distributed $659 billion in forgivable loans to businesses across the country, with the contingency that the funds be used for payroll, rent, and certain other approved expenses.

In New Jersey, the Paycheck Protection Program gave out the most loans to restaurants – an industry that has been pummeled by lockdowns – with doctor offices, lawyers, dentists, beauty salons, and religious organizations also making up a large part of the total loans given to businesses in the state.

Governor Murphy apparently also benefitted from the federal program. The governor holds a stake in Cohere Communications, a New York-based company that received a significant loan from the Paycheck Protection Program. Murphy said he played “absolutely no role” in getting the loan for the company.

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