The new year begins with more help for New Jersey’s small businesses. The New Jersey Economic Development Authority is receiving $255 million in funding from the federal state small business credit initiative. The state will use the funding to develop six programs that will provide both financial and technical assistance to small and early-stage companies, including those focused on innovation. A portion of the funds will be set aside for people who are economically disadvantaged. The state is planning to launch programs to support the clean energy and life sciences industries, as well as a few programs to help those entrepreneurs just getting started with their businesses.
Get ready to pay more to drive into Manhattan. Starting this Sunday, tolls will increase by $1 on the Port Authority bridges and tunnels. The current peak hour toll for EZ Pass users will rise to $14.75. If you pay by cash, the new fare is $17. Fares for the monorail to get to Newark Airport are going up 45 cents to $8. These planned increases come on top of higher tolls that went into effect over the weekend on the Turnpike, Parkway and Atlantic City Expressway.
Surveys have shown Americans aren’t saving as much for retirement as they’d like. But a recently passed bill in Washington creates incentives to save more. Right before Christmas, President Joe Biden signed a budget bill that included the bipartisan Secure 2.0 Act. For those closer to retirement, the law will allow for larger catch-up contributions in their retirement plans. The changes will come over the next few years.
