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NJBIA’s Christopher Emigholz takes a big picture look at the “New Jersey Economic Recovery Act” with a new Fast Facts document that highlights for employers and entrepreneurs how the recently enacted 249-page law may help their businesses. The six-year, $14 billion package of tax incentive programs aims to make economic development projects more affordable, create jobs and boost the state economy. In addition to new corporate tax incentives to replace expired tax breaks, the law also has incentives […]
—Background— The wide breadth and rich depth of the unprecedented, more than $14 billion multi-year “New Jersey Economic Recovery Act of 2020” (P.L.2020 c.156) makes the law a potentially transformative economic development tool. It passed the Legislature on Dec. 21, 2020 and was signed into law by Gov. Phil Murphy at a ceremony with NJBIA […]
Last fall, Gov. Phil Murphy signed a bill into law that changed the New Jersey’s worker’s compensation insurance system to address COVID-19 illnesses. The change, which is retroactive to March 9, 2020, creates a rebuttable presumption that workers defined as “essential employees” that become sick from COVID-19 had contracted the disease as part of a […]
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 […]