NJBIA President and CEO Michele Siekerka took to the op-ed section of the Asbury Park Press over the weekend to again make the case that New Jersey small businesses need capital if they are going to survive the economic fallout from coronavirus.
She offered two specific ideas that could be done quickly and not add to the strain on government resources: A short-term suspension of New Jersey payroll taxes, such as income tax withholdings and unemployment insurance, and a 60-day delay in remitting the sales tax. Both ideas have been presented to lawmakers.
“The efforts of our many business owners to keep their employees on staff and their customers satisfied should be roundly applauded. Those forced to close or layoff their workers, we feel your pain,” she wrote.
“As we speak, small business owners are looking at an unfortunate numbers game. Thousands of them in New Jersey have millions of legitimate concerns about how long, or if, their business can survive with zero revenue coming in.”
7 responses to “Act Now on NJ Small Businesses with Capital, NJBIA Urges”
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good ideas, but what about all of the thousands of people that are “self-employed” starting S corporations and LLC’s. We all have numerous clients that need our support, pay numerous independent contractors every month, and contribute thousands of dollars every year in taxes. How about some relieve for those defined as “self-employed”. We are key members of our economy and members of NJBIA.
Agreed, in the same boat and sinking
My phone has stopped ringing for 3 weeks, no work and nothing coming in at all to pay truck and equipment payments, mortgage etc. my 3 employees are getting unemployment but my 40 year perfect credit history will be ruined. We are going to need help or lose everything
Yes I own an independent day care what do I do to pay my teachers my mortgage my taxes my cleaning contractor my ground keeper my utilities my Insurance’s???? With no students in attendance how do I hold on???
Self employed here too. No payroll tax? What if I can’t make payroll. These solutions are not helpful. How about suspending rent, health insurance payments and auto payments? Streamline SBA loans would help too.
This is what the progressives have dreamed of for years. They now have control of your life and will dictate how you will live because they are “so” much smarter than us. Soon many will be giving up their freedoms in exchange for security.
I agree with all the responses above, I also am a 1 person business that does employ contractors at times when needed, I haven’t paid myself this year yet let alone any contractors, being an officer of the company I can’t collect unemployment…My bills are piling up faster than this virus is spreading, I am not joking as I realize how serious this virus is….I need assistance either on the Federal or State level soon and not in the proposed tax cuts, that’s useless for me. I need working capital at low or no interest to stay afloat, even better would be grants with 0 payback….