NJCPA Supports Legislation that Fosters Opportunities for Disadvantaged Small Businesses

Statement by Ralph Albert Thomas, CPA (DC), CGMA, CEO and Executive Director, NJCPA

We all have heard that running a small business in New Jersey is not easy. Members of the New Jersey Society of Certified Public Accountants (NJCPA) talk about the excessive costs and over-regulation, especially compared to other states. On top of that, small businesses must deal with inflation, supply-chain issues and the inability to find enough workers.

To address these challenges, lawmakers are considering legislation, A2146, that calls for a new state business assistance program to be administered by the New Jersey Department of Treasury that would establish contracting agency procurement goals for socially and economically disadvantaged business enterprises, such as businesses owned by disabled veterans, members of the LGBTQ+ community and many other targeted groups. The legislation has already been approved by the Assembly and cleared a key Senate committee.

The NJCPA supports this legislation because it will provide greater government contract access to historically disadvantaged small businesses that need the support and may have difficulty navigating the government procurement process. The same legislation seeks to foster more opportunities for the state to work with economically and socially disadvantaged business owners in several key industries, including construction, architecture and engineering; professional services; goods and services; and information technology services.

Taking new action at the state level to help more economically and socially disadvantaged businesses succeed would generate long-lasting benefits for the New Jersey economy. The measure has already won support from many influential state business groups, as well as other organizations.

The NJCPA thanks the sponsors of the bill and urges lawmakers to continue to move the bill through the legislative process.