Archive for Uncategorized

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

Murphy signs Economic Recovery Act: Here’s breakdown of 6-year, $14B package of programs

Murphy signs Economic Recovery Act: Here’s breakdown of 6-year, $14B package of programs

Murphy signs Economic Recovery Act: Here’s breakdown of 6-year, $14B package of programs By Tom Bergeron, ROI-NJ   Governor trumpets return of incentives, saying they will provide relief for small businesses while fundamentally changing economic development   Gov. Phil Murphy signed into law Thursday morning the New Jersey Economic Recovery Act of 2020, a six-year, $14 billion package of incentive programs that he feels will provide economic support for small businesses, while propelling the state’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,” Murphy said. “I am immensely proud of the result, which will not only provide much-needed relief for our small... Read More

Help Support New Jersey Restaurants

Help Support New Jersey Restaurants

The NJ Economic Development Authority recently announced It will provide grants of $100,000 or more to organizations so they can support restaurants impacted by the COVID-19 pandemic.   The program is open to organizations legally registered to do business in New Jersey and have a track record or capability to purchase bulk meals from New Jersey restaurants   Learn more and start your application at https://business.nj.gov/covid/eligibility-for-sustain-and-serve.   NOTE:   Only organizations legally registered to do business in New Jersey may apply   Restaurants may not apply directly for grants   Application deadline is Friday, January 8   Apply for the grant here: https://business.nj.gov/covid/eligibility-for-sustain-and-serve... Read More

Coronavirus Update for New Jersey Businesses 12/30/2020

Coronavirus Update for New Jersey Businesses 12/30/2020

Today's News for New Jersey Business: Be prepared to apply – more forgivable business loans are coming from the feds. State minimum wage will automatically increase by $1 on Jan. 1. Christmas air travel broke pandemic records. Be Prepared. More Forgivable Loans Under the Federal Paycheck Protection Program are Coming – The New Jersey Chamber of Commerce has been receiving questions about the new federal COVID-19 relief legislation, specifically about changes to the PPP forgivable loans. The PPP program will resume soon thanks to new funding from the relief legislation. We were informed by the N.J. district director of the Small Business Administration (SBA) that it could take up to 10 days before the new application forms for PPP loans are ready. We suggest that any organization interested in applying begin... Read More

Consolidated Appropriation Act of 2021

Consolidated Appropriation Act of 2021

Dear Chamber Members, We have been receiving questions about the COVID Relief legislation that was recently signed into law, specifically about the changes to PPP. We were just informed by the NJ District Director of the Small Business Administration (SBA) that it could take up to 10 days before new application forms for PPP are ready. In the interim, we suggest that any organization interested in applying begin discussions with their bank now so they can be ready to fill out the application as soon as it is available. Consolidated Appropriation Act of 2021 The Consolidated Appropriation Act of 2021 was signed by the President December 27, 2020, containing the most recent COVID-19 relief provisions as well as many tax provisions. Following is a summary of the individual and business tax provisions included in the proposed... Read More

Federal COVID-19 Relief Bill Passed

Federal COVID-19 Relief Bill Passed

Federal COVID-19 Relief Bill Passed The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill Monday night that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in aid for small businesses. The bill now awaits action by President Donald Trump to become law. Below is a quick look at the federal stimulus package for businesses. A special thank you to the New Jersey Business Action Center for providing the following analysis: Small Business - $325 Billion $325 billion in critical funding and policy changes were passed to help small businesses, including minority-owned businesses, and nonprofits recover from the pandemic. The bill includes $284 billion for the Paycheck Protection Program (PPP) and extends PPP through March 31, 2021. Changes to PPP include: Provides a second... Read More