Business Report: Funding for startups, Prospect Park’s 4-day work week | Video

Starting a business requires hard work, perseverance and money. To help support new businesses in New Jersey, the Commission on Science, Innovation and Technology recently awarded more than $500,000 to 17 startups in the latest funding round of a Small Business assistance program. The startups are focused on a range of industries from clean technology to aerospace and gene therapy. The commission has awarded nearly $2.5 million to 80 startups since 2020.

In Prospect Park, most municipal workers have had a four-day, 40-hour work week all this month. It’s part of a pilot program that Prospect Park’s mayor says provides a better work-life balance. Police officers and public works employees are not participating in the pilot program, which will run through June 30.

The latest jobs report showed plenty of companies are still hiring. But job candidates are getting frustrated by having to go through several rounds of interviews. And a Conference Board survey finds 18% of those candidates take action if they don’t hear back from the company.

State lawmakers are trying to encourage more people to save for retirement by making contributions to certain retirement plans exempt from state income tax. Right now, only 401(k) contributions are tax-exempt. But this bill would expand the tax exemption to other plans like 403(b) retirement plans and IRAs. Several business groups are backing the legislation.

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