Business Report: Tax incentives approved, Congress reaches economic relief deal

Deal agreed in Washington will provide $600 payment for all Americans earning up to $75,000 a year

The state Legislature gave final approval Monday to a massive multibillion-dollar bill that creates a new tax incentive program for the state. The approval came even as some lawmakers argued the bill was being rushed through, and that there was a lack of support for small businesses. Supporters say tax incentives are needed to help spur New Jersey’s recovery from the pandemic.

Congress has agreed on a new $900 billion economic relief package that includes help for unemployed workers, loans for businesses and a direct payment to Americans. But Gov. Phil Murphy thinks the funding from Washington won’t be enough.

The measure would provide a $600 payment for all Americans earning up to $75,000 a year. The payment will be less if you make more than that. Congress also decided to provide $300 in weekly supplemental benefits for unemployed workers. Businesses will have access to another $284 billion in PPP loans. The stimulus bill also includes help for renters facing eviction, and money for food banks, along with funding for COVID-19 vaccine distribution and subsidies for schools and mass transit.