TRENTON In an effort to help New Jersey small businesses battered by the ongoing pandemic, Paycheck Protection Program loans will be tax exempt at the state level for the 2020 tax season.
Those who received the tax-exempt loans also are able to deduct business expenses paid for with the proceeds, state officials announced Tuesday.
Out of 155,851 PPP loans that New Jersey businesses received, nearly 134,000 of them were for amounts less than $150,000, totaling $4.6 billion, according to the governor s office.
Another 19,066 of the PPP loans received in New Jersey were for amounts of between $150,000 and $1 million each, totaling $6.6 billion.
Based on those figures, the remaining 2,824 PPP loans received by state companies totaled $6.1 billion, as the state received PPP loans that totaled $17.3 billion.
Credit: Sister72 via Creative Commons CC BY 2.0
Flood warning along the coast.
New Jersey’s towns and cities must now plan for climate change after Gov. Phil Murphy signed a law that requires municipalities to include effects like flooding and higher seas in updates of their master plans.
The law (A-2785/S-2607) puts new demands on local governments to plan for coastal storms, shoreline erosion, bigger storms, flooding, and how they will affect a town’s current and future infrastructure.
Municipalities must now identify critical facilities such as roads and utilities that might be affected by hurricanes or sea-level rise; make plans to sustain normal life in the face of anticipated natural hazards, and integrate climate vulnerability with existing plans such as emergency management or flood-hazard strategies.