On Tuesday, February 9, Governor Murphy announced that his administration will follow the lead of the Federal Government in creating a Paycheck Protection Loan Program (PPP) to be tax exempt at the state level and enable recipients to deduct business expenses that were paid with PPP loans. These loans are designed to help small businesses effected by the COVID-19 Pandemic pay their employees and maintain a steady workforce during this time of economic hardship.
There have been 155,851 loans disbursed by the federal government totaling $17.3 billion, with New Jersey receiving the majority. Out of the 155,851 loans, 133,961 were for amounts under $150,000, and 19,066 between $150,000 and $1 million. With New Jersey receiving a total of $11.2 billion.
The Federal Paycheck Protection Program (PPP) was established through the Coronavirus Aid, Relief and Economic Security (CARES) Act. We thank the work of New Jersey’s leadership for continuing to provide state and local relief and look forward to continued assistance in these hard times.
Contact: Andrew LaFevre Legislative Analyst, email@example.com 609-695-3481, ext. 116.