Business Report: EDA grants, estimated taxes, child tax credit, Bernie Madoff

While the deadline to file 2020 tax returns was moved to May 17, anyone who pays estimated taxes must get their checks out by April 15

The New Jersey Economic Development Authority has released details about how small businesses and nonprofits can apply for new grants available from the state. Interested business owners will need to pre-register, and they can do that on the EDA website starting on Monday. Pre-registration will continue though April 29. After that, the formal application process will begin in early May. A total of $85 million is available; of that amount, $35 million is being set aside for restaurants.

Thursday still marks an important tax date for millions of Americans. While the deadline to file 2020 tax returns was moved to May 17, anyone who pays estimated taxes must get their checks out by April 15.

Meantime, the IRS will start sending out monthly payments from the new $3,000 child tax credit beginning in July. The new, expanded child tax credit was part of the last COVID-19 relief bill, known as the American Rescue Plan. Families who meet certain income eligibility will receive $3,000 per child from the ages of 6 through 17, and $3,600 per child under the age of 6. This is for the 2021 tax year. Families will receive monthly payments through December.

The man behind what’s believed to be this country’s biggest investment fraud ever has died. Bernie Madoff died in prison, where he was serving a 150-year sentence. He was 82. Madoff convinced tens of thousands of investors, including celebrities, charities and foundations, to invest billions of dollars with him in what turned out to be a massive Ponzi scheme that enriched only Madoff.

WATCH: What taxes still need to be paid by April 15? | NJ Business Beat

MORE: Business Report: Child care grants, help for nonprofits, IRS and tax evasion

 

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