Economic Aid Act for the Paycheck Protection Program (PPP) —Background— On Dec. 27, 2020, President Trump signed the Economic Aid Act into law which included $284 billion for the Paycheck Protection Program (PPP). The legislation made several revisions to the program including changing eligibility requirements, creating a process for Second Draw loans, and adding additional […]
FastFacts
Employer Guide to 2021 Tax Withholding Changes
As an annual service to our members, NJBIA explains the changes in tax withholding rates and taxable wage bases that employers face in the year ahead. Outside of payroll taxes, it is important to note that legislation signed into law in 2020 reinstated the 2.5% corporate business tax surtax originally imposed in the 2018 state […]
Minimum Wage Law (P.L.2019, c.32)
—Overview— On Feb. 4, 2019, Gov. Phil Murphy signed A-15, which set New Jersey on the path to raise the minimum wage in increments to $15 an hour by 2024. The law raised the minimum wage to $10 per hour on July 1, 2019 and then to $11 per hour on Jan. 1, 2020. Currently, […]
COVID-19 Workers’ Compensation Rebuttable Presumption Law
COVID-19 Workers’ Compensation Rebuttable Presumption Law Background All 50 states, the District of Columbia, and the U.S. territories have Workers’ Compensation laws. Workers’ compensation provides wage replacement, medical treatment, and survivor benefits in the event a worker experiences a job-related accident or illness. In return, with some exceptions, both the employer and the employee give […]
Minimum Wage Law (P.L.2019, c.32)
—Overview— On Feb. 4, 2019, Gov. Phil Murphy signed A-15, which set New Jersey on the path to raise the minimum wage in increments to $15 an hour by 2024. The law raised the minimum wage to $10 per hour on July 1, 2019 and then to $11 per hour on Jan. 1, 2020. Currently, […]