NJCPA Supports New Jersey COVID-19 Relief Bills

 – January 26, 2021
NJCPA Supports New Jersey COVID-19 Relief Bills

As part of the New Jersey Business Coalition, the New Jersey Society of CPAs signed onto the following letter to Governor Murphy and the New Jersey Legislature regarding COVID-19-related financial relief for the state's businesses.


January 26, 2021

As the leaders of major business associations, the New Jersey Business Coalition would like to bring to your attention several important legislative priorities that could provide the relief New Jersey businesses desperately need to drive our economic recovery. With the state budget season beginning, we believe it is imperative there is greater legislative focus on getting immediate support to our state’s ailing business community.

2020 was a historically devastating year for small businesses in New Jersey. As of Dec. 31, 2020, the number of small businesses open decreased by 31.4 percent and small business revenue decreased by 35.8 percent relative to January 2020. While these statistics cannot fully capture the pain felt by those who have lost their businesses and livelihoods, this data underscores the necessity of a concentrated legislative effort to provide financial relief to businesses so they can reopen, stay open, and drive economic growth. Businesses simply cannot wait.

While not an exhaustive list, in enacting this legislation, we will make it easier for businesses to reopen safely and rehire workers, which is greatly needed given our November unemployment rate of 10.2 percent, the highest in the nation. Without a concerted effort to improve opportunity, our workforce will continue to suffer and rely on unemployment insurance benefits, something 42.4 percent of New Jersey’s pre-pandemic civilian labor force has done since the start of the pandemic.

In addition to these COVID-19 relief measures listed below, the stark realities of the pandemic’s economic impact also make it necessary to focus on reforming our state’s structural challenges and refraining from enacting any further tax increases or mandates. Our Coalition is ready to support government reforms that will make the use of taxpayer dollars more effective and efficient.

COVID-19 Relief Bills Supported by New Jersey Business Coalition:

  1. S-3234 (Singleton/Bucco)/A-5149 (Greenwald) – Forgiven PPP loans are not taxable and can be expensed
    • passed SBA
  2. S-3305 (Smith/Oroho) – income tax credit for nonresidential improvements to reduce spread of COVID-19
    • passed SBA
  3. S-2348 (Sweeney/Kean/Bucco)/A-3960 (Benson) – Allows tax credit based off federal CARES tax credit for very small businesses retaining workers during COVID-19
    • passed Senate
  4. A-4183 (Murphy/Lopez/Dancer) – Allows charitable deduction during pandemic emergency
  5. A-4195 (Dunn)/S-2493 (Pennacchio) – Allows tax credit for commercial rent forgiveness
  6. A-4634 (Schaer/Johnson/McKnight)/S-2982 (Addiego/Bucco) – Allows tax credit for big business to help small businesses equal to 1% of subcontract
  7. A-4910 (Burzichelli/Johnson/Danielsen)/S-3093 (Gopal/Sweeney) – Establishes county-based reopening plans
    • passed AAP & SCM
  8. Majority Leader Greenwald’s restaurant/small business bill package (A-5133/S-3374, A-5135/S-3316, A-5136S-3365, A-5137/S-3317, A-5139/S-3337, AJR-174/AJR-199/SJR-104)
    • passed ACE
  9. S-2634 (Gopal)/A-4440 (Houghtaling/Greenwald/Mazzeo) & S-2629 (Diegnan/Bucco)/A-4377 (Freiman/Lopez/Spearman) – COVID-19 liability protection for employers
  10. A-4918 (Greenwald)/S-3266 (Diegnan) – Allows corporations to hold virtual shareholder meetings
  11. A-5238 (Speight) – Addresses long-term health impacts of COVID, which are critical to understand given new workers’ compensation mandates

Potential Gaps in Current Legislation that the New Jersey Business Coalition Would Like Addressed:

  1. Additional funding for EDA grants, loans and loan guarantees to supplement the $50 million for Main Street in the new tax incentive law
  2. Funding or tax credits for uniquely hard-hit but somewhat unaddressed industries such as childcare
  3. Statutory creation of Economic Recovery Coordinator in the executive branch to coordinate New Jersey’s efforts to get our economy back on track after the pandemic and adapted to post-pandemic changes
  4. Exemption for small businesses from apprenticeship requirements for public works projects
  5. Remote work flexibility for prior tax incentive awardees
  6. Flexibility for nonprofits to hold virtual meetings permanently and not just during health emergencies
  7. State commission to coordinate re-skilling and up-skilling required to develop the post-pandemic workforce
  8. Tax credits for Main Street/small businesses to help defray minimum wage increases

Sincerely,

  • African American Chamber of Commerce of New Jersey, Inc.
  • American Camp Association NY/NJ
  • American Institute of Architects/ NJ Chapter.
  • American Council of Engineering Companies of New Jersey
  • American Physical Therapy Association of New Jersey
  • Big I New Jersey
  • BioNJ
  • Burlington County Regional Chamber of Commerce
  • Cape May County Chamber of Commerce
  • Capital Region Minority Chamber of Commerce
  • Chamber of Commerce of Greater Philadelphia
  • Chamber of Commerce Southern New Jersey
  • CLB NJ
  • Commerce and Industry Association of New Jersey
  • CrossState Credit Union Association
  • Downtown New Jersey
  • Early Childhood Education Advocates
  • Eastern Monmouth Area Chamber of Commerce
  • Employers Association of NJ
  • Fuel Merchants Associates of NJ
  • Garden State Pharmacy Owners, Inc
  • Greater Lehigh Valley Chamber of Commerce
  • Greater Toms River Chamber of Commerce
  • Greater Westfield Area Chamber of Commerce
  • HealthCare Institute of New Jersey
  • Hoboken Chamber of Commerce
  • Home Care & Hospice Association of New Jersey
  • Home Health Services Association of New Jersey
  • Hudson County Chamber of Commerce
  • Hunterdon County Chamber of Commerce
  • Independent Insurance Agents & Brokers of NJ
  • Insurance Council of New Jersey
  • Jersey Shore Partnership
  • Mahwah Regional Chamber of Commerce
  • Marine Trades Association of New Jersey
  • Middlesex County Regional Chamber of Commerce
  • Meadowlands Chamber
  • Monmouth Ocean Development Council
  • Morris County Chamber of Commerce
  • NAIOP-NJ
  • National Federation of Independent Business (NFIB)
  • Newark Venture Partners
  • Newark Alliance
  • Newark Regional Business Partnership
  • New Jersey Asphalt Pavement Association
  • New Jersey Association of Osteopathic Physicians and Surgeons
  • New Jersey Association of Mental Health & Addiction Agencies
  • New Jersey Bankers Association
  • New Jersey Builders Association
  • New Jersey Business & Industry Association
  • New Jersey Camps Government Affairs Project
  • New Jersey Campground Owners and Outdoor Lodging Association
  • New Jersey Chamber of Commerce
  • New Jersey Chemistry Council
  • New Jersey Civil Justice Institute
  • New Jersey Coalition of Automotive Retailers
  • New Jersey Concrete and Aggregate Association
  • New Jersey Council of County Colleges
  • New Jersey Dental Association
  • New Jersey Food Council
  • New Jersey Gasoline-Convenience-Automotive Association
  • New Jersey Hotel and Lodging Industry Association
  • New Jersey Independent Electrical Contractors Association
  • New Jersey Liquor Store Alliance
  • New Jersey Manufacturing Extension Program, Inc.
  • New Jersey Motor Truck Association
  • New Jersey Pharmacists Association
  • New Jersey Podiatric Medical Society
  • New Jersey Restaurant & Hospitality Association
  • New Jersey Retail Merchants Association
  • New Jersey Salon and Spa Coalition
  • New Jersey Self Insurers Association
  • New Jersey Society of Certified Public Accountants
  • New Jersey State Chamber of Commerce
  • New Jersey State Funeral Directors Association
  • New Jersey State Veterans Chamber of Commerce
  • New Jersey Tourism Industry Association
  • New Jersey Utilities Association
  • New Jersey Warehousemen & Movers Association
  • New Jersey Utilities Association
  • New York Shipping Association, Inc.
  • NJ Society of Optometric Physicians (NJSOP)
  • North Jersey Jewish Business Alliance
  • Ocean City Chamber of Commerce
  • Phillipsburg Chamber of Commerce
  • Princeton Mercer Regional Chamber of Commerce
  • Professional Insurance Agents of New Jersey (PIANJ)
  • Recreational Fishing Alliance
  • Salem County Chamber of Commerce
  • Somerset County Business Partnership
  • Southern NJ Development Council
  • Southern Ocean County Chamber of Commerce
  • Statewide Hispanic Chamber of Commerce of NJ
  • Sussex County Chamber of Commerce
  • TechUnited:NJ
  • The Greater NJ Motorcoach Association
  • The United Boatmen of N.J.
  • Union Township Chamber of Commerce
  • Utility & Transportation Contractors Association
  • Washington Borough BiD