What's in the $2 trillion stimulus package for New Jersey.

Byline: Daniel J. Munoz

The $2.2 trillion federal stimulus package, signed by President Donald Trump on March 27 amid the COVID-10 global pandemic and the resultingeconomic slump,will inject hundreds of billions of dollars in tax breaks, grants and other benefits for businesses that have been slammed by the outbreak.

Business that have been closed as governments attempt to enforce social distancing mandates to slow the spread of the disease alreadyneed financial assistance. The package includes a $260 billion to help shore up state unemployment funds following asurge in jobless claims; $300 billion for direct cash payments; tax credits to help businesses keep workers on the payroll; $350 billion of forgivable loans for small businesses; tax deferrals for businesses and individuals; and $500 billion of relief for some of the nation's largest corporations.

"They hit the hot button issues, which are cash flow issues, [and] the employment issue or the unemployment issue," said Tom Bracken, president and chief executive officer of the New Jersey Chamber of Commerce.

Many of the loans - $350 billion worth - will be awarded via the U.S Small Business Administration.

"People are afraid they're going to run out of cash. They're concerned about, from the standpoint of paying their employees," Bracken said. "By getting access to loans, some of which will be forgiven for maintaining their employment base, that's cash flow - money they wouldn't have had - giving them some breathing room."

Workers who have lost their jobs would receive an additional $600 above their base unemployment compensation. That would last through July, or four additional months, during which time those workers would receive their entire regular take-home pay. It would also apply to self-employed and "gig economy" freelance workers.

Businesses can furlough employers rather than outright lay them off, so that those workers can keep their health benefits while collecting unemployment.

Many of the tax breaks will be administered by the U.S. Treasury and will be subject to an application process. "The success of them is going to be a function of the ease of filing out the application and the speed of turning the application over and the speed of getting the money on the street," said Michael Affoso, director of government relations for the financial institution trade group NJBankers.

"If the applications turn out to be 50-page applications, it's going to be a problem."

The $1,200...