New Jersey should learn from past mistakes and make investments that will prevent future crises, by NJMEP CEO John Kennedy.

Many of the measures that were approved Monday in the Assembly would take some of the pressure off of business owners as they see profits drop and consider whether to scale back operations, cut hours and let go of employees.

Most people recognize that this crisis will have a negative effect on the economy. However, few realize that coronavirus fears are having a devastating impact on veteran businesses.

Gov. Phil Murphy’s office confirmed that the state’s application with the SBA cleared. Now, businesses can indicate they suffered losses as a result of the outbreak to qualify for the Economic Injury Disaster program.

“We’re trying to open up one in the south. I had a good conversation with some folks to try to do something in the south,” the governor said during a media appearance on the radio station 1010 WINS.

The governor unveiled his $40.9 billion spending plan in February, but the unrest from the coronavirus has thrown much of that proposal into chaos. The state's current budget has a $1.5 billion projected surplus, including a $401 million rainy day fund to ride out economic recessions.

Allegations include retailers unfairly raising prices on surgical masks, hand sanitizers, disinfectant sprays and wipes, food, bottled water, and other items, which are purchased by coronavirus-concerned consumers.

“We are working nonstop to ensure we are on a strong footing to protect our economy and people's jobs, so we can emerge stronger once this emergency is over,” the governor said at his daily coronavirus briefing Tuesday.

“This only appears to be a fraction of the capacity that will be needed ...” the governor wrote in a letter to the president. “Our Department of Health projects that just within the next two weeks, we may need an additional 2,000 critical care beds, with 10 percent of these beds needing ventilators.”

“As the state rallies together to face the uncertainty of the global pandemic brought on by the coronavirus, we have to demonstrate to New Jersey that government will continue to function,” Senate President Stephen Sweeney said in a Tuesday statement.

The move is the latest bid to stop the spread of the coronavirus in New Jersey, which as of Tuesday afternoon has infected 287 residents and claimed three lives.

“There are some people think that this is fake news. … This is not fake news. This is real,” Gov. Phil Murphy said. “This is real. Stop believing folks that say this isn’t real.”