SMART Fund 'Critical' During Coronavirus Fight: Cherry Hill Mayor
CHERRY HILL, NJ — Cherry Hill Mayor Susan Shin Angulo called a piece of legislation designed to help municipalities deal with the outbreak of new coronavirus “critical” on Tuesday.
Speaking on a conference call with other mayors and Sen. Bob Menendez (D-NJ), Shin Angulo said revenue from construction projects in the township could be down after Cherry Hill had to put a pause on construction for the safety of the employees.
The township also extended the grace period for second quarter taxes that were due May 1, and retail and restaurant businesses are looking at the possibility of closing due to losses from the pandemic.
“Right now, we need help from the federal government,” Shin Angulo said.
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Shin Angulo joined mayors from Wayne, Brick, Cherry Hill, Galloway, Hoboken, New Brunswick, Paterson and Rahway, all of whom echoed Shin Angulo’s concerns.
Menendez and Sen. Bill Cassidy (R-LA) have introduced legislation that could help these and other municipalities across the country.
The State and Municipal Aid for Recovery and Transition (SMART) Fund proposes to add an additional $500 billion to the existing $150 billion set aside by the Coronavirus Aid, Relief and Economic Security (CARES) Act.
One important piece of the SMART Fund for places like Wayne is an expansion to include aid to counties and towns with populations of 50,000 or more. The current threshold is 500,000. The idea, according to Menendez, is that aid should be given based on the breadth of impact, not population.
Funding would be divided into three tranches based on a new formula that takes this idea into consideration, according to an April 19 news release.
One-third of the funding would go to eligible entities based on population size to "meet their growing needs", using the same formula as the CARES Act, but doubling the available funds, according to the release.
Another third would be dispersed based on the number of COVID-19 cases relative to the U.S. population to target the health challenges related to the coronavirus.
Lastly, one-third would be dispersed to eligible entities based upon state revenue losses, relative to pre-COVID-19 projections to help with economic challenges.
When asked if he had an early estimate of how much federal funding could be coming into New Jersey, Menendez said the number wouldn't be known until more final revenue loss figures are available.
With reporting by Montana Samuels, Patch Staff
Read more: NJ Coronavirus Updates: Here's What You Need To Know
This article originally appeared on the Cherry Hill Patch
