Opportunity Zones are an economic development tool that was added to the tax code by the Tax Cuts and Jobs Act of December 2017. New Jersey has 169 designated Opportunity Zones. For more information on Opportunity Zones, visit Withum’s resource center: https://www.withum.com/service/opportunity-zone-resource-center/
The Business Consulting for COVID-19 Recovery Program is currently open to all businesses with five or fewer employees that have a physical storefront or office in one of New Jersey’s Opportunity Zones. The program is currently in its pilot phase and expansions to accommodate more businesses is expected soon.
The Program will provide businesses with free access to expert advisory services and staff support to assist them with their current challenges and preparing them for long term success. Through partnerships with the African American Chamber of Commerce of New Jersey (AACCNJ) and the Statewide Hispanic Chamber of Commerce of New Jersey (SHCCNJ), the NJEDA will provide up to 25 hours of free, one-on-one coaching and support implementing solutions to help make businesses more profitable while complying with public health protections the State has instituted to slow the spread of COVID-19. Participating businesses will receive advice and assistance in securing grants and loans, adapting their business models to current needs, crafting long-term business strategies, evaluating their financial health, and improving accounting and bookkeeping systems, as well as many other topics that can help them build a stronger, more sustainable business.
Business owners interested in the program should complete the intake form at http://forms.business.nj.gov/covid-recovery-consulting/. After submission, an NJEDA representative will be in touch to provide more information on next steps in the process.
Withum’s life sciences services team is standing by to help you through this process. For more information or questions about the program reach out to a team member today.
Author: Gianluca Panarelli, CPA, MST