Archive for Uncategorized

Coronavirus Update for New Jersey Businesses 3/4/21

Coronavirus Update for New Jersey Businesses 3/4/21

Today's News for New Jersey Business: New rules for self-employed and sole proprietors applying for Paycheck Protection loans. Restrictions are loosened for weddings and summer camps. Breaking News – New rules have been released for self-employed and sole proprietors applying for loans under the federal Paycheck Protection Program. For these small businesses, it will mean larger forgivable loan amounts going forward. Here's what you need to know. (CNBC) Information on Applying for PPP Loans – Guidance and details on forgivable business loans under the Paycheck Protection Program can be found here. (U.S. Small Business Administration) Restrictions are Loosened on Weddings and Summer Camps – Wedding receptions can proceed at 35% of a venue’s indoor capacity, up to 150 persons, Gov. Phil Murphy announced Wednesday. Outdoor weddings may have up to 150 people. Murphy... Read More

Expanded Capacity and PPP Loan Update

Expanded Capacity and PPP Loan Update

Expanded Capacity for Sports, Entertainment Venues, and Religious Events Effective March 1st at 6 a.m., large venues, including sports and entertainment venues, with a fixed seating capacity of 5,000 or more are permitted to host events at 10% capacity indoors and 15% capacity outdoors. High school and collegiate sports events can now have up to 2 parents or guardians attend per athlete, but may not exceed 35% of a room’s capacity. Houses of worship and religious services can now operate at 50% capacity. Read more on expanded capacity on business.nj.gov. PPP Loans Now Open to Businesses Under 20 Employees Beginning Wednesday, February 24th, small businesses with fewer than 20 employees will have 14 days of exclusive access to the Payment Protection Program application. If you receive a loan, it may be fully forgiven if all... Read More

Gov. Murphy said he will relax restrictions on restaurants starting Friday.

Gov. Murphy said he will relax restrictions on restaurants starting Friday.

Today's News for New Jersey Business: Gov. Murphy said he will relax restrictions on restaurants starting Friday. Limits on many public gatherings will also be relaxed, including in gyms and entertainment venues. Paycheck Protection Program loans keep flowing. Breaking News: Gov. Murphy to Relax Restrictions on Restaurants Starting Friday – Gov. Phil Murphy announced this morning that he will sign an executive order that will relax dining capacity restrictions for restaurants and lift the post-10 p.m. indoor dining ban. The move comes days before the Super Bowl, typically a booming business day for restaurants and bars. Beginning Friday, at 6 a.m., indoor dining capacity will increase to 35%, up from 25% of maximum capacity. (nj.com)   Limits for Many Public Indoor Gatherings Will Also be Relaxed, including at Gyms and Entertainment Venues –... Read More

SBA Re-Opening Paycheck Protection Program to All Eligible Lenders

SBA Re-Opening Paycheck Protection Program to All Eligible Lenders

SBA Re-Opening Paycheck Protection Program to All Eligible Lenders The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15 at 9 a.m. EST. The portal will fully open on Tuesday, January 19 to all participating PPP lenders to submit First and Second Draw loan applications to SBA.   Earlier in the week, SBA granted dedicated PPP access to Community Financial Institutions (CFIs) which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries as part of the agency’s ongoing efforts to reach underserved and minority small businesses.   On Friday, SBA will continue its emphasis on reaching smaller lenders and businesses... Read More

Action Requested – Please Help Our Restaurants

Action Requested – Please Help Our Restaurants

Dear Chamber Members, Please help our restaurants by emailing Governor Murphy through the link below encouraging him to sign legislation to allow restaurants to continue outdoor dining. The NJ Restaurant and Hospitality Association has been working on this bill with the sponsors and the Governor’s office since last Monday when the governor vetoed the original bill. Thanks to over 6000 connections, yesterday, the assembly and the senate unanimously passed A-5246/ S-3340 to replace bill A-4525 that will allow for the continuation of outdoor dining until November 31, 2022. This legislation will not only give restaurants the ability to continue to offer outdoor dining but will also allow them to plan for the future, something that restaurants have not been able to do since the pandemic began. YOUR HELP IS NEEDED. Please email governor Murphy using... Read More

Legislation Signed to Reduce Unemployment Insurance Payroll Tax

Legislation Signed to Reduce Unemployment Insurance Payroll Tax

Legislation Signed to Reduce Unemployment Insurance Payroll Tax New legislation will reduce the amount of an employer’s unemployment taxes through Fiscal Year 2023 in an effort to continue supporting small businesses impacted by the COVID-19 pandemic. Learn More... Read More

Minimum Wage to Rise to $12/Hour for Most Employees Goes into Effect

Minimum Wage to Rise to $12/Hour for Most Employees Goes into Effect

Minimum Wage to Rise to $12/Hour for Most Employees Goes into Effect The New Jersey minimum hourly wage increase announced in September 2020 went into effect on January 1, 2021. The change brings the minimum wage for most employees up from $11 to $12, from $10.30 to $11.10 for seasonal and small business employees, and from $10.30 to $10.44 for agricultural employees. The Department of Labor & Workforce Development outlines the changes in this chart. Read More... Read More

PPP Available This Week

PPP Available This Week

The PPP for first time applicants opens today, and the 2nd draw loan program starts on Wednesday. For more information, please see the below press release that came out on Friday, as well as these summary documents: Top-line Overview of First Draw PPP (1.8.2021)-508 Top-line Overview of Second Draw PPP (1.8.2021)-508   The SBA website has also been update, so you can view all things PPP by visiting www.sba.gov/ppp.   SBA and Treasury Announce PPP Re-Opening; Issue New Guidance   WASHINGTON – The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11,... Read More

Governor Murphy Signs Historic Economic Recovery Legislation

Governor Murphy Signs Historic Economic Recovery Legislation

Governor Murphy Signs Historic Economic Recovery Legislation NJ.gov Bill Will Provide Aid to Small Businesses and Usher in New Era of Economic Development   TRENTON – Governor Phil Murphy today signed into law the landmark New Jersey Economic Recovery Act of 2020, which will provide economic support for small businesses, while propelling New Jersey’s economic recovery and growth for much of the next decade.   “These programs are the product of nearly three years of hard work, during which we received input from hundreds of voices on how best to structure our state’s recovery and growth,” said Governor Phil Murphy. “I am immensely proud of the result, which will not only provide much needed relief for our small businesses, but will also fundamentally change economic development in our state while creating thousands of high-paying job for our residents.”   Read... Read More