Menendez proposes relief for local governments

Rhonda Schaffler, Business Correspondent | April 20, 2020 | Business Report, Coronavirus in NJ

Sen. Bob Menendez is hoping to win support for new bipartisan legislation that could provide a financial lifeline to states and communities as they fight COVID-19. The senator’s plan would create a $500 billion fund for state and local governments which are facing revenue shortfalls.

In Washington, talks continue on a plan to extend more financial aid to small businesses and hospitals. The head of the New Jersey Manufacturing Extension Program says lawmakers should provide more funding to small and mid-sized manufacturers in the state.

Oil prices have been plunging on world markets as demand plummets. For the first time ever, prices actually fell into negative territory as there’s a shortage of space to store oil. Falling oil prices have led to lower gas prices in New Jersey.