Potential changes to New Jersey’s liquor license system is top of mind for the restaurant industry, which weathered a lot over the last few years, as COVID-19 disrupted business. That was followed by a labor shortage, supply chain issues and rising inflation. But the industry is recovering and there’s optimism as the new year takes hold, said Dana Lancellotti, president and CEO of the New Jersey Restaurant and Hospitality Association. She said restaurants were booked up during the holiday season and people are less worried about dining indoors. But she said one big wild card for 2023 is what happens to the economy overall.
The latest snapshot of New Jersey’s revenues shows that year-to-date tax collections are up 3.2% over the same six months last year. That’s despite a 12.3% decline in revenues in December, which the state Treasury department said was expected. Treasury expects revenue collections to continue to be moderate in the coming months, especially during the upcoming tax season as last year’s historically high collections are unlikely to be repeated.
This week, New Jerseyans who dream of being entrepreneurs can learn how to apply for grants to help get their business ventures off the ground. The New Jersey Economic Development Authority is hosting a webinar Thursday to explain how the $10 million New Jersey Innovation Fellows program will work. The program is competitive and will support teams of at least three entrepreneurs with mentorship, training and capital. Grants of up to $400,000 will be available when the program launches later this year.
