Wednesday, May 19, 2021

New Jersey Business.NJ.Gov Update - May 19 2021

New Jersey Statehouse Trenton NJ
New Jersey Statehouse
Trenton New Jersey

Outdoor Mask Mandate Lifted

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Masks are no longer required for public outdoor settings and outdoor gathering limits have been removed, though those who are unvaccinated should continue to exercise caution. The indoor mask requirement will remain in effect to protect workers and prevent the spread of COVID-19. Individuals are not required to wear masks at private indoor gatherings of fewer than 50 people.

Updated Mask Rules

Receive Tax Credits for Residential Development Projects

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The Residential Economic Redevelopment and Growth (ERG) Program provides tax credits for developers and businesses to address financing gaps in development projects. Projects can receive tax credits of up to 30% of total eligible project costs, or up to 40% in targeted cities. Applications for the Residential ERG Program open June 1st, 2021.

ERG Program Details

Sell Your Net Operating Loss and R&D Tax Credits for Cash

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The Net Operating Loss (NOL) Program enables early-stage technology and life sciences companies to sell their New Jersey net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash. Capital raised through this program can be used for costs including, but not limited to: fixed asset purchases; construction, acquisition, and development of real estate; materials; tenant fit-out; working capital; salaries; and, R&D expenditures. The New Jersey Economic Development Authority is accepting applications online through June 30th, 2021.

Apply Today

Emerge Job Creation Tax Credits Available Soon

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Small and large businesses, as well as non-profits, will soon be able to apply to the Emerge program for tax credits to support projects that meet minimum capital investment and job creation or retention requirements. The New Jersey Economic Development Authority Board recently approved rules for the program, which will go into effect soon. Applications will open after the rules go into effect.

Read The Rules

PPE Access Program Deadline Extended to May 28th

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There is still time for New Jersey-based businesses and organizations with 100 or fewer employees to apply for discounts of nearly 70% off purchases of personal protective equipment through the NJ Small and Micro Business PPE Access Program. Businesses that were approved previously do not need to reapply, but any discounts they have redeemed to date will be counted toward the program cap.

Apply For Discounts

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This Newsletter is Brought To You By:

Office of the Governor, State of New JerseyNew Jersey Business Action CenterNew Jersey Economic Development AuthorityNew Jersey State Office of Innovation

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