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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

Federal Stimulus Package Update

Federal Stimulus Package Update

Federal Stimulus Package Update You may have heard or read over the weekend that Congressional leaders have reached an agreement on a $900 billion coronavirus relief bill. While the legislation has not been passed or signed into law yet, here are some highlights: ·        Stimulus Checks: A second round of direct payments up to $600 per adult and per child. ·        PPP Extension: Additional $284 billion, and allows for a second loan. ·        Small Businesses: $20 billion for businesses in low-income communities and $15 billion for struggling live venues, movie theaters and museums. ·        Tax Breaks: Allows businesses to deduct expenses associated with their forgiven PPP loans, in addition to expanding the employee retention credit intended to prevent layoffs. Increases the Earned Income Tax Credit and extends a payroll tax subsidy for employers offering workers paid sick leave. ·        Education: Allocates $82 billion for schools and colleges... Read More

Coronavirus Update for New Jersey Businesses 12/2/2020

Coronavirus Update for New Jersey Businesses 12/2/2020

Today's News for New Jersey Business: They're back: New drive-thru COVID-19 test sites open in New Jersey as cases rise. First COVID-19 vaccine shots can be given within days of FDA approval. First doses should go to health workers and long-term care residents, CDC Panel says. New Drive-Thru COVID-19 Test Sites in New Jersey Open Amid Rising Demand – With cases of COVID-19 increasing, public demand for testing is growing. To meet the need, counties are once again opening drive-thru testing sites, a déjà vu from this spring. (NJ Spotlight News) CDC Panel Says First Covid-19 Vaccine Doses Should Go to Health Workers, Long-Term Care Residents – The first doses of coronavirus vaccines should go to health care workers and residents of long-term care facilities, an expert panel advising the Centers for Disease... Read More

Coronavirus Update for New Jersey Businesses 12/1/2020

Coronavirus Update for New Jersey Businesses 12/1/2020

Today's News for New Jersey Business: Indoor sports ban applies to games and practices for youth, school and adult recreation. Some businesses resist Newark's 10-day lockdown. The stats are in: Travel was down on Thanksgiving 2020. N.J.’s Indoor Sports Ban Applies to Games and Practices for Youth, School and Adult Recreation – All indoor organized sports at the youth, high school, and adult recreation levels – both games and practices – will be suspended for four weeks to battle the pandemic, Gov. Murphy announced Monday. It takes effect Saturday and lasts until Jan. 2. College and professional sports are not included. (nj.com) The Fine Print – Here are the new rules on indoor sports and outdoor gatherings. Outdoor gatherings are now limited to 25 people, with exceptions for wedding ceremonies, funerals, memorial services and religious and political events.... Read More

Learn About the State News Impacting Your Business 12/1/2020

Learn About the State News Impacting Your Business 12/1/2020

New Jersey Business Update Stock Up on PPE With New Discounts Sign up for the NJ Economic Development Authority’s PPE Access Program to receive discounts on PPE (Personal Protective Equipment) purchases made through partnering online retailers: Boxed, Staples, & Office Depot. All NJ Businesses are eligible for a 10% discount. Businesses and nonprofits with 100 or fewer employees can receive additional discounts up to 65%. Apply for discounts by December 10, 2020, at covid19.nj.gov/ppeaccess. New Guidelines for Winter Outdoor Dining Establishments that want to maintain the use of tents past November 30, 2020, must follow the Department of Community Affairs’ new guidance for the use of outdoor space during winter months. This includes, but is not limited to, applying for a Uniform Construction Code permit where applicable by November 30, 2020, and ensuring that all mechanical equipment is... Read More

Murphy Announces Additional $60 M for Small Business Grants

Murphy Announces Additional $60 M for Small Business Grants

Move Will Enable Funding of Approximately 13,000 Additional Grants Gov. Phil Murphy announced a commitment of at least $60 million in additional Coronavirus, Aid, Relief, and Economic Security (CARES) Act funding to fulfillment of grants under Phase 3 of the New Jersey Economic Development Authority’s (NJEDA’s) Small Business Emergency Assistance Grant Program. This funding is in addition to $70 million in federal funds already allocated for the current phase of the program and will enable the NJEDA to fulfill grants for the entire pipeline of eligible businesses that applied for Phase 3 funding prior to the application deadline. Without this supplemental funding, approximately 13,000 of the nearly 22,000 businesses that applied for Phase 3 grants would have been declined based on the program being oversubscribed. “COVID-19 is above all else a severe... Read More

NJ Mandates COVID-19 Safety Rules for Workplaces

NJ Mandates COVID-19 Safety Rules for Workplaces

N.J. Mandates COVID-19 Safety Rules for Workplaces   Beginning November 5, employers that require or permit their workforce to be physically present at a worksite must abide by the following requirements, at a minimum, to protect employees, customers, and others who come into contact with its operations:   Require workers and customers to maintain at least six feet of distance from one another, to the maximum extent possible;   Require everyone to wear face masks, except when an employee is at their workstation at least six feet from others, or is alone in a walled space such as an office - Note: employers may be authorized to prevent individuals who refuse to wear a mask from entering the worksite, where such actions are consistent with state and federal law;   Provide face masks for their employees;   Provide approved sanitization materials for employees... Read More

NJEDA Small Business Emergency Assistance Grant Program – Phase 3 Pre-Registration Now Open

NJEDA Small Business Emergency Assistance Grant Program – Phase 3 Pre-Registration Now Open

NJEDA Small Business Emergency Assistance Grant Program - Phase 3 Pre-Registration Now Open Information for Phase 3 of the NJEDA Small Business Emergency Assistance Grant Mandatory Pre-Registration and Application Periods Pre-Registration Opens at 9am EST on October 19, 2020 and Closes 5pm EST on October 27, 2020. To be Eligible for Phase 3 funding your business MUST pre-register. Access the Pre-Registration here. Phase 3 of the Grant Program will likely be oversubscribed. To streamline the application process, the Authority is requiring all applicants to pre-register online. Applications will become available on a rolling basis following the pre-registration period. Pre-registered applicants will need to return to complete an application based on the following schedule: Restaurants – 9:00 a.m. on Thursday, October 29, 2020 Micro businesses – 9:00 a.m. on Friday, October 30, 2020 All other businesses,... Read More

SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less

SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less

The U.S. Small Business Administration, in consultation with the Treasury Department, today released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars. “The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing critical economic relief and supporting more than 51 million jobs,” said Secretary Steven T. Mnuchin.  “Today’s action streamlines the forgiveness process for PPP borrowers with loans of $50,000 or less and thousands of PPP lenders who worked around the clock to process loans quickly,” he continued.  “We are committed to making the PPP forgiveness process as simple as possible while also protecting against... Read More