TRENTON NJ New Jersey Gov. Jon Corzine on Tuesday signed a bill that would support small to mid-size businesses, including restaurants, during the financial crisis currently afflicting the U.S. economy.
The Main Street Business Assistance Program will appropriate $50 million from the state’s Surplus Revenue Fund to the Economic Recovery Fund to provide loans and guarantees for businesses and nonprofit groups that would encourage growth during the economic downturn. The New Jersey Economic Development Authority will administer the program over the next two years.
According to Jason Butkowski, a spokesman for New Jersey Senate Democrats, the measure also would give companies $3,000 grants for each job they create and sales tax reimbursements on capital purchases of $5,000 and more. It also repeals a tax provision that allows New Jersey to tax businesses on income earned in other states if that state doesn’t already tax the income.