PPP

PPP Change Gives Special Access to Smallest Businesses for 2 Weeks

Feb25,2021

A two-week window allowing businesses with fewer than 20 employees exclusive access to the Paycheck Protection Program (PPP) began yesterday in a move that the Biden administration says will help ensure small businesses are not left out of the forgivable loan program. However, Banking Dive has interviewed one financial consultant who questioned whether the move is even necessary because the share of funds going to businesses with fewer than 10 […]

Restaurants Faring Better with Second Round of PPP Loans

Feb12,2021

By NJBIA 1 Comment

The Accommodation and Food Services industry, which includes restaurants, has received more than $18 billion in loans under the second round of the Paycheck Protection Program that began last month, more than any other industry. According to data from the U.S. Small Business Administration, the Accommodation and Food Services industry has received 18% of the $101 billion in PPP loans distributed so far in […]

Federal Reserve Board Extends Rule Modification for PPP Loans

Feb10,2021

By NJBIA Leave a Comment

The Federal Reserve Board has extended for the second time a rule that temporarily allows certain bank directors and shareholders to apply to their banks for PPP loans for their small businesses. To prevent favoritism, the Fed typically limits the types and quantity of loans that bank directors, shareholders, officers, and businesses owned by these persons can receive from their affiliated banks. However, these […]

COVID Tax Relief for Businesses Passes in Senate

Jan28,2021

By NJBIA

Two COVID-19 tax relief bills to help New Jersey businesses were unanimously approved by the Senate on Thursday. S- 3234, sponsored by Senator Troy Singleton (D-7), would ensure New Jersey businesses that received federal assistance under the Paycheck Protection Program (PPP) do not have to pay state income taxes on their loans, even if those […]

NJBIA Supports 2 COVID-19 Tax Relief Bills for NJ Businesses

Jan21,2021

By NJBIA

NJBIA testified on Thursday in support of two COVID-19 tax relief bills, including legislation that would make sure New Jersey businesses that received federal assistance under the Paycheck Protection Program (PPP) will not have to pay state income taxes on their loans, even if those loans are forgiven. In testimony before the Senate Budget & Appropriations Committee meeting, NJBIA Vice President of Government Affairs Christopher Emigholz pointed […]

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