Coronavirus Economic Relief Bill Help for NJ Small Businesses provides:
Source: Sen. Cory Booker
Up to $10 million per business available to small businesses with less than 500 employees under the new Paycheck Protection Program. Loans are forgivable for payroll costs, mortgage interest payments, rent and utilities to keep struggling business afloat and workers employed. Loan payments would be deferred for six months.
Up to $10,000 in SBA Emergency Grants for small businesses through the Economic Injury Disaster Loan (EIDL) program.
Worker Retention Tax Credit. For employers, including non-profits, whose operations have been fully or partially suspended, the bill provides a refundable payroll tax credit for a percentage of wages and compensation paid to eligible employees during the COVID-19 crisis.
$1.25 million in funding from the Manufacturing Extension Program (MEP) to provide small and medium-sized manufacturers in New Jersey with resources to grow, reduce costs, improve efficiencies, develop their workforce, create new products, find new markets, etc.
Temporary Suspension of Alcohol Taxes in the Emergency Production of Hand Sanitizer.
Under present law, distilled spirits are generally subject to an excise tax of between $2.70 and $13.50 per proof gallon. This provision would exempt the tax on spirits removed during 2020 and used for the production of hand sanitizer in compliance with all FDA guidance.