What to Know
- A total of 147,550 New Jersey businesses received $17.2 billion in loans from a federal program aimed at helping businesses hurt by the coronavirus outbreak, the U.S. Treasury Department reported Monday.
- The department identified only 22,000 businesses that got loans of $150,000 or more, with unidentified firms making up the remainder.
- Full-service restaurants were the industry with the most loans, followed by offices of doctors, lawyers and dentists. Religious organizations and beauty salons were also near the top of the list.
A total of 147,550 New Jersey businesses received $17.2 billion in loans from a federal program aimed at helping businesses hurt by the coronavirus outbreak, the U.S. Treasury Department reported Monday.
The department identified only 22,000 businesses that got loans of $150,000 or more, with unidentified firms making up the remainder.
Full-service restaurants were the industry with the most loans, followed by offices of doctors, lawyers and dentists. Religious organizations and beauty salons were also near the top of the list.
New Jersey Democratic Gov. Phil Murphy disclosed on state Ethics Commission documents that he held a stake in a company benefiting from the program. Cohere Communications, based in New York, got a loan of $350,000 to $1 million, according to Treasury Department documents.
Murphy said in an unrelated news conference Monday that he played “absolutely no role” in getting the loan for the company, in which he said he had made an investment. It’s unclear how much Murphy invested in the firm and when he did so.
Murphy said on Ethics Commissioner documents that the firm does not have any business before the state. A message was left seeking comment from the voice and information services firm.
News
Under the Paycheck Protection Program, the federal government is backing $659 billion in low-interest business loans that will be forgiven if employers use the money on payroll, rent and similar expenses.
Companies typically must have fewer than 500 workers to qualify. About $130 billion was unclaimed as the application deadline closed June 30. With money still available, Congress voted to extend the program just as it was expiring, setting a new date of Aug. 8.
