What’s in the $ 2T $ COVID-19 Emergency Stimulus for NJ

Booker, Menendez: What’s in the $ 2T $ COVID-19 Emergency Stimulus for the NJ

NEWARK, NJ – U.S. Senators Cory Booker, who was involved in negotiating the deal, and Bob Menendez, a senior member of the Senate Finance Committee and one of the bipartisan bill negotiators, explained today how New Jersey will initially benefit from the $ 2 trillion stimulus package Congress has passed to respond to the COVID-19 pandemic. Both senators voted in favor of the bipartisan agreement and pledged to pass additional funding bills to address the ongoing health and economic crises.

“This public and economic health crisis demands a massive and immediate federal response”, said Senator Booker. “While the challenges we face are far from over, the back-up plan that Senator Menendez and I fought for will go a long way in protecting our health and safety while helping families and small businesses in New York. Jersey and our country to stay afloat. But our work is not yet finished. It is essential that we continue our bipartisan efforts to provide New Jersey hospitals, healthcare professionals, families and businesses with the support they desperately need. “

“This package provides an immediate boost to New Jersey hospitals and frontline healthcare workers, support for New Jersey residents and small businesses to help them weather the storm, and billions in aid to help them weather the storm. help our state and local communities provide essential services and respond to the COVID-19 epidemic ”, said Senator Menendez. “To successfully fight the coronavirus, we need a transparent and coordinated federal, state and local response. I will continue to fight in Washington for the federal resources and advice we need in New Jersey, and I am ready to return to Congress to provide additional funds as long as the need persists. “

Below is a breakdown of funding. Please note that these numbers are the best estimates of Booker and Menendez staff based on existing projections and funding formulas, but are not final pending official allocation. State and local governments and individuals may still be eligible for additional assistance through various federal programs.

Help for NJ workers

• Direct payments to 80% of New Jersey families. Over 92% of single filers and eight in ten joint filers in New Jersey will receive payments of up to $ 1,200 for people earning less than $ 75,000 and $ 2,400 for couples earning less than $ 150,000, plus $ 500 per child.
• Extended unemployment insurance. Raises maximum unemployment benefit amount by $ 600 per week above basic unemployment benefit until July and ensures that laid-off or unemployed workers will receive, on average, close to their full pay for four months . It ensures that workers are protected whether they work for small, medium or large companies, as well as for independent independent contractors and workers in the odd-job economy.
• Exemption from fees for withdrawing pension funds. Waives the additional 10% tax on early distributions from IRAs and defined contribution plans (such as 401 (k) plans) in the case of coronavirus eligible distributions up to $ 100,000, and may be re -contributed to the plan or to the IRA. In addition, defined contribution plans are allowed to authorize plan loans up to $ 100,000 and repayment of plan loans is extended for employees affected by the coronavirus.

Help for New Jersey Small Businesses

• Up to $ 10 million per available business small businesses with fewer than 500 employees under the new paycheck protection program. The loans are repayable for wage costs, mortgage interest payments, rent, and utilities to keep struggling businesses and employed workers afloat. Loan payments would be deferred for six months.
• Up to $ 10,000 in SBA Emergency Grants for small businesses through the Economic Disaster Lending Program (EIDL)
• Worker retention tax credit. For employers, including non-profit organizations, whose activities have been totally or partially suspended, the bill provides for a refundable salary tax credit for a percentage of salaries and allowances paid to eligible employees during the COVID-19 crisis.
• $ 1.25 million in funding the Manufacturing Extension Program (MEP) to provide small and medium-sized New Jersey manufacturers with resources to grow, reduce costs, improve efficiency, develop their workforce, create new products, find new markets, etc.
• Temporary suspension of alcohol taxes in the emergency production of hand sanitizer. Under current law, distilled spirits are generally subject to an excise tax of between $ 2.70 and $ 13.50 per test gallon. This provision would exempt the spirits tax which was phased out in 2020 and used for the production of hand sanitizer in accordance with all FDA guidelines.

Support for the NJ Health System

• $ 100 billion in grants available for local hospitals, government entities, non-profit entities, and Medicare and Medicaid registered institutional providers and providers to cover unreimbursed health care-related expenses or revenue losses attributable to the public health emergency resulting from the coronavirus.
• At least $ 15.4 million – Funding from the Centers for Disease Control and Prevention (CDC) Public Health Emergency Preparedness Fund to support the New Jersey health system’s preparedness and response to the coronavirus. This can be used to fund personal protective equipment, laboratory tests to detect positive cases, local infection control and mitigation to prevent the spread of the virus, and other preparedness and response activities. public health intervention. The state is still eligible to request additional funding from a separate fund of $ 750 million.
• In addition to the $ 1.8 million recently distributed to Federally Approved Health Centers (FQHC) in New Jersey from a previous coronavirus relief program, millions of more dollars are on their way to New Jersey health centers as the CARES Act provides for $ 1.32 billion additional for the FQHC.

Support for the NJ and local communities

• $ 3.44 billion – Funding from the COVID State Fund to help New Jersey and local communities continue essential services as resources are diverted to deal with the economic downturn and the COVID-19 response.
• $ 1.76 billion – Funding from NJ Transit of the $ 25 billion allocated to help the country’s transit systems.
• $ 53.5 million – Community Development Block Grants (CDBG) to help communities finance infrastructure, economic development projects, installation of public facilities, community centers, housing rehabilitation, public services, authorization / acquisition, assistance to microenterprises, code enforcement, assistance to owners, etc.
• $ 10.2 million – Funding to help New Jersey prepare for the 2020 election cycle, including to increase the ability to vote by mail, expand early voting and online registration, and increase the security of in-person voting by providing facilities more votes and more poll workers.
• Major disaster declaration allows New Jersey to seek additional funding the $ 45 billion FEMA Disaster Relief Fund to meet the immediate needs of state, local, tribal and territorial governments, as well as private non-profit organizations providing essential and essential services, to protect citizens and help them survive. recover from the overwhelming effects of COVID-19[FEMININE[FEMININE
• $ 18.3 million – Byrne-JAG provides funding in New Jersey to help law enforcement and state and local prisons meet local needs, including the purchase of personal protective equipment (PPE) and other medical items required.
• $ 70 million – Added funding for the Supplemental Nutrition Assistance Program (SNAP) to make sure everyone, including the elderly and children, in New Jersey gets the food they need.

Affordable Housing Support

• $ 53 million – Emergency Solutions Grants (ESG) to help homeless New Jersey residents.
• $ 12.363 million – Funding for the Low-Income Household Energy Use Assistance Program (LIHEAP) to help low-income families and the elderly offset heating, cooling and other energy costs.
• $ 1.7 million – Housing options for people with AIDS (HOPWA) for the benefit of low-income people living with HIV / AIDS.
• Abstention up to one year on all federally guaranteed mortgages.
• 60-day moratorium on seizures and evictions on all federally guaranteed mortgages.
• 90-day forbearance on federally guaranteed loans for owners of multi-family rental properties, during which they cannot evict or charge late fees or other penalties to tenants for non-payment of rent.
• 120-day eviction protection for tenants. Owners of federally subsidized properties or properties with a federally guaranteed mortgage cannot evict or charge penalties or fees to a tenant who cannot pay rent for 120 days under this law. .

Help for local schools / higher education

• $ 310 million – Funding to support New Jersey’s K-12 education that can be used to help educators and students make the transition to online and distance learning.
• $ 69 million – Funding from a governor’s emergency relief fund for education that Governor Murphy can use to provide support to school districts and higher education institutions hardest hit by COVID-19.
• $ 1.15 million – Funding for the National Endowment for the Arts and the National Endowment for the Humanities.
• $ 62.6 million – Global Grants for Child Care and Development (CCDBG) to help provide access to high quality child care services for frontline workers such as health workers, caregivers, emergency, sanitation workers and others deemed essential during the coronavirus response, and to provide ongoing payments to daycares facing closure or declining enrollment due to COVID-19.

Click here for a list of Senator Booker’s actions to protect New Jersey families during the COVID-19 outbreak.

Click here for a list of Senators Menendez actions to protect New Jersey families during the COVID-19 outbreak.

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