Join Webinar on January 13 for Information on Export Tools and Assistance
New Jersey companies looking to expand into international markets can learn about free tools and resources available during the upcoming webinar, “Grow Your Business in Global Markets,” on January 13 at 11 a.m. ET. Panelists from the New Jersey Business Action Center, New Jersey Office of Export Promotion and Adsorptech will discuss exporting preparation, expanding existing international markets, how the New Jersey State Trade Expansion Program (NJ STEP) can help pay for companies to attend virtual trade shows and more.
$14 Billion Tax Incentive Program Signed by Governor Murphy
The New Jersey Economic Recovery Act of 2020 is an incentive program intended to attract and retain businesses to New Jersey, helping the state recover more quickly from the pandemic. The program would allow up to $1.5 billion in tax incentives to be administered annually over six years, as well as for a seventh year if there are remaining funds. In total, the $14 billion program is one of the largest packages of corporate tax incentives in the country.
Minimum Wage to Rise to $12/Hour for Most Employees Goes into Effect
The New Jersey minimum hourly wage increase announced in September 2020 went into effect on January 1, 2021. The change brings the minimum wage for most employees up from $11 to $12, from $10.30 to $11.10 for seasonal and small business employees, and from $10.30 to $10.44 for agricultural employees. The Department of Labor & Workforce Development outlines the changes in this chart.
Paycheck Protection Program Re-Opening This Week
The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced that the Paycheck Protection Program (PPP) will re-open for new borrowers and certain existing PPP borrowers. This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.
Legislation Signed to Reduce Unemployment Insurance Payroll Tax
New legislation will reduce the amount of an employer’s unemployment taxes through Fiscal Year 2023 in an effort to continue supporting small businesses impacted by the COVID-19 pandemic.