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NJ begins roll-out of $100M of 'Main Street recovery' biz relief

NJ begins roll-out of $100M of 'Main Street recovery' biz relief
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NJ already revamps plan to dole out $14B in business tax breaks

NJ already revamps plan to dole out $14B in business tax breaks
Published: July 5, 2021
Governor Phil Murphy announces his major economic agenda on October 1, 2018 in Nutley, NJ. (Edwin J. Torres/Governor s Office)
TRENTON – Sweeping changes have already been approved for the 7-year, $14 billion tax incentive programs enacted in January.
At least one is directly related to the pandemic, making it a bit easier for businesses to receive credits even if their employees are working from home. But nearly every new incentive program was tweaked in some way in the 213-page bill, which Gov. Phil Murphy signed into law Friday.
Business tax incentives had been allowed to go dormant, in a standoff between the executive and legislative branches as the Murphy administration hired outside counsel to investigate the previous incarnation of the program. The Legislature refused to act on Murphy’s economic development plan until finally reaching a compromise late last year. ....

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The New Jersey Economic Recovery Act Of 2020: An Overview Of The Main Street Recovery Finance Program | Greenbaum, Rowe, Smith & Davis LLP

The New Jersey Economic Recovery Act Of 2020: An Overview Of The Main Street Recovery Finance Program | Greenbaum, Rowe, Smith & Davis LLP
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Main StreetRecovery Grant Program Wraps Up After Helping 20,751 Small Businesses

Main StreetRecovery Grant Program Wraps Up After Helping 20,751 Small Businesses
open sign broad through the glass of window at coffee shop
On Thursday at the State Capitol, State Treasurer John M. Schroder announced the Main Street Recovery Grant Program issued $262 million in grants to 20,751 small businesses across Louisiana. With only replacement checks left to be issued, the program is essentially closed.
“The pandemic devastated our small businesses, and the Main Street Recovery Grant Program gave them a fighting chance to survive the economic downturn. MSRP kept businesses open, workers employed and the entrepreneurial spirit alive,” said Treasurer Schroder. “The Louisiana Legislature was wise to create this program. Louisiana Treasury was proud to administer it.” ....

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NJ's new $14.5 billion economic plan enacted by Murphy

HAMILTON (Mercer) Gov. Phil Murphy enacted a law Thursday authorizing nearly $14.5 billion in tax breaks, loans and grants for businesses, part of a long-stalled economic plan he says will support “thousands of good jobs.”
Murphy signed the law in a ceremony outside Carella’s Chocolates & Gifts in Hamilton to highlight that the wide-ranging plan includes $50 million for a Main Street Recovery Finance program providing grants, loans and loan guarantees to small businesses.
“After all, incentives are set aside only for big corporations, right? Well starting today, that could not be more wrong. That’s the old way of thinking. That doesn’t mean that it won’t apply necessarily to big corporations, but the days when it only applied to big ones are over,” Murphy said. ....

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