NJBIA - New Jersey Business & Industry Association
New Jersey Business & Industry Association
This week, the Tax Foundation listed which states are taxing forgiven Paycheck Protection Program (PPP) loans – and which ones aren’t. Count New Jersey as one the 38 states that is not now taxing forgiven PPP loans, as NJBIA had previously advocated for. On Feb. 9, the Murphy administration announced New Jersey would follow the […]
The 14-day priority window set aside exclusively for very small businesses seeking Paycheck Protection loans closed Tuesday, but these businesses can still submit applications to participating lenders before the program ends March 31. Although small business owners and the self-employed must now compete with larger companies for the same pot of funding, lenders say it […]
The IRS has released guidance for employers claiming the employee retention credit, clarifying retroactive changes that have been made for the 2020 tax year and how these affect employers who received Paycheck Protection Program (PPP) loans. The federal Coronavirus Aid, Relief, and Economic Security (CARES) Act provided a refundable 50% payroll tax credit for up […]
NJBIA testified Wednesday in support of legislation to ensure by statute that New Jersey businesses that received federal assistance under the Paycheck Protection Program (PPP) will not have to pay state taxes on their loans, even if those loans are forgiven. The bill, A-5149, sponsored by Assembly Majority Leader Lou Greenwald (D-6), would also allow […]
Federal Paycheck Protection Program (PPP) loans given to New Jersey businesses to help them during the COVID-19 pandemic will be exempt from state taxes, and any business expenses paid using PPP money remain deductible for the 2020 tax season. Gov. Phil Murphy and Treasurer Elizabeth Maher Muoio made the announcement late Tuesday, saying the state would follow the lead of the federal government, which has already said that PPP […]
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New Jersey Business & Industry Association
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