NJBIA - New Jersey Business & Industry Association
New Jersey Business & Industry Association
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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