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

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

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

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 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 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

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

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

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