Troy Singleton, Senator (Moorestown, NJ)

IDEA CATAGORY: COVID, Jobs and Entrepreneurship

Protecting Small Businesses in New Jersey

This week, NewDEAL Leader Senator Troy Singleton’s legislation to protect small businesses throughout the state from tax burdens on PPP loans was signed into law, providing more relief businesses that struggled during the pandemic. Singleton’s bill ensures that any forgiven Payment Protection Program loans are not subject to state income tax and that recipients can deduct the expenses, which Congress recently affirmed was the intent of the CARES Act. Read more about Senator Singleton’s bill here.