Private companies across the country hired more than 500,000 workers in March, the largest increase in six months. New Jersey-based ADP said there had been a huge jump in leisure and hospitality jobs as companies began to reopen and rehire workers.
Triple Five, the developer of the American Dream Mall, defaulted on its loan after a cash crunch, according to a Financial Times report. The newspaper says the loan is being restructured and the developer’s lenders will take a large stake in other assets that Triple Five has pledged for American Dream; the company has not commented on this report. The mall was closed during last year’s lockdown, but reopened last fall and new attractions are slated for this spring.
The Meadowlands House hosted a virtual mayors’ summit on Tuesday, highlighting innovative ways communities are helping their small businesses. Jersey City Mayor Steven Fulop highlighted his city’s vaccination campaigns this week, which focused on essential workers. But Fulop said small businesses also need more financial help and without it more will end up shutting down. The mayor said he plans to give another round of direct grants to businesses in the city, once Jersey City receives additional federal funding from the latest COVID-19 relief plan.
Businesses have more time to apply for federal P3 loans. President Joe Biden signed a law extending the program for another two months, until the end of May.