April 1, 2020
The State Extends Tax Filing Deadline and Offers Grants to Small Business Starting April 3
April 1, 2020
While we previously reported that New Jersey had extended its tax filing deadline, we all were
hoping for a little bit more.
Just this morning, Governor Murphy along with Senate President Sweeney and Assembly Speaker Coughlin announced a joint statement confirming that New Jersey’s tax filing deadline is extended from April 15 to July 15, and the state fiscal year will be extended to September 30. We know questions still remain regarding quarterly payments and other issues, and when we get information, we will pass it on to our clients.
The State of New Jersey is about to launch a number of loans to assist small and mid-size businesses during the corona virus pandemic. The idea behind these programs is that it will be faster to fund and work with any federal programs that you may also be applying for within the guidelines of the SBA.
The State Extends Tax Filing Deadline and Offers Grants to Small Business Starting April 3
The first of the State Programs is a Small Business Emergency Assistance Grant, which is accepting applications beginning 9 a.m. Friday April 3, 2020. Businesses must provide:
- A contact who is authorized to speak on behalf of the company.
- Basic information about the company:
-Registered legal name and “Doing Business As” name
-Federal Employer Identification Number (EIN);
-Year your company was established;
-Full-time employees as of December 31, 2019 and Part-Time Employees as of December 31,2019. - Industry as defined by your NAICS code
- Answers to the State’s basic debarment questions
- Certification that the business:
-Is not a home-based business;
-Is not a prohibited business;
-Has been impacted by the COVID-19 outbreak;
-Has a material financial need that cannot be overcome without the grant funds;
-Will make a best effort not to lay off any additional employees and re-hire any whom have already been laid off;
-The NJEDA may check your entries against other State sources of data
All of the details on the grant and additional loan programs can be found here. There are two great tools on the site, one is a grant estimator for anyone who is interested in attempting that application, but there is also an ELIGIBILITY WIZARD, which helps organizations determine what federal and state programs might fit their needs. This is useful for both business and nonprofit, and from the entrepreneur to businesses of more than 500 employees.
If we can help you sort through the state and federal programs, please call us at 267-756-3821 or email arbookandtax@gmail.com. Read here for more communication from us regarding you and your
business during this crisis.
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