Murphy signs bill allowing New Jersey businesses to exempt forgiven loans from state taxes
Added 05-14-21 01:23:01pm EST - “Gov. Phil Murphy has signed into a law a measure exempting Paycheck Protection Program (PPP) loans forgiven by the federal government from New Jersey's gross income tax.” - Washingtonexaminer.com
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Gov. Phil Murphy has signed into a law a measure exempting Paycheck Protection Program (PPP) loans forgiven by the federal government from New Jersey’s gross income tax.
Congress created the PPP loans as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help small businesses amid the COVID-19 pandemic. The federal government may forgive the loans for recipients that meet certain conditions.
“As we all know, the COVID-19 pandemic has devastated the small business community in New Jersey,” state Sen. Anthony Bucco, R-Boonton, said in a news release.
“New Jersey is one of the highest taxed states in the nation,” Bucco added. “During this pandemic, when small businesses are literally struggling to survive, the last thing they need is yet another tax.”
The United States Small Business Administration (SBA) has approved about $17 billion in loans for New Jersey businesses, officials said. In addition to using PPP funding for payroll, companies could use the money for non-payroll expenses, such as mortgage interest and utility costs.
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