Business Report: Economic recovery, IRS guidance, business response to riots

Governor says new bill will create thousands of new jobs

Gov. Phil Murphy signed a bill designed to help New Jersey’s businesses and kick start the state’s economic recovery. Known as the New Jersey Economic Recovery Act, it provides aid to small businesses and also restores a tax-incentive program for companies. There’s a lot in this new law including, funding for entrepreneurs; incentives for brownfields redevelopment and the restoration of historic buildings; and support for building grocery stores where there are now food deserts. Both the state Chamber of Commerce and the New Jersey Business & Industry Association say they support the new law, which the governor said would create thousands of new jobs.

Nearly 21,000 New Jersey residents had to file new unemployment claims in the latest week. The state Department of Labor says supplemental federal unemployment benefits will start to be paid out next week, but not everyone will receive the extra $300 right away. For those claimants who exhausted their federal benefits on or after Dec. 26, the labor department said there will be a temporary lapse in payments. Claimants will be notified when they can resume certifying for weekly benefits.

You might not get your new stimulus payment as fast as you were hoping. The IRS has issued some new guidance saying if you file your taxes with a tax preparer that your payment could be delayed. And in some cases, the IRS says certain taxpayers won’t see the money until they file their tax returns for 2020.

The business community has been particularly vocal about what unfolded in the nation’s capital yesterday. The National Association of Manufacturers, which represents 14,000 companies, called the storming of the Capitol a “disgusting episode. ” The group stated that the outgoing president incited the violence and called on Vice President Mike Pence to “seriously consider” invoking the 25th Amendment to remove President Donald Trump from office. The Business Roundtable, a group of 200 prominent CEOs, issued a statement Wednesday saying the country deserves better.