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March 18, 2021
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 Inside this issue
  Executive Directors Message  







This week, the US House Representatives voted to extend the application deadline for the PPP program, which has largely seen bipartisan support. The Senate is currently working on their own version of the legislation and is expected to pass it soon. This would extend the PPP deadline from March 31st to May 31st, 2021. The extension will also allow extra time for SBA to continue processing loans after the deadline. The current deadline as it stands requires SBA to approve loans before March 31st. We have heard that this has prevented banks from accepting PPP applications even before the deadline to account and allow for application processing time. This extension should solve that issue. We will be sure to make an announcement if/when any extensions are officially announced. 


Yesterday the IRS announced they are officially extending the deadline for filing 2020 tax returns from April 15th to Monday, May 17th. This extension is not as much extra time as the I.R.S. offered last year, when the filing deadline was pushed to July 15. However, it should make it easier for taxpayers to get a better understanding of the tax changes that took effect this month with the signing of the American Rescue Plan. The extension should be used if needed, but I want to remind you that taxpayers who file electronically can generally expect to receive any refund within 21 days (i.e. the sooner you file, the sooner you will see a refund). The deadline to file New Jersey state taxes is still April 15th, though we are hopeful that the NJ Treasury will also extend their deadline to match the federal delay, as they did last year.


A few weeks ago, we reported that Visa and Mastercard planned to raise swipe fees for some types of credit-card purchases starting in April. Card-industry executives say swipe fees help cover costs for technical innovation and fraud prevention, though the burden of the fees end up on the merchant. Hearings on the issue since the announcement have been particularly heated, seemingly bringing the issue of already high swipe fees back on legislators' radar. Sure enough, several days after the hearing and following heavy criticism from legislators, retailers, and trade groups alike, Visa and Mastercard announced that they would be pausing swipe fees for another year (April 2022). According to NACS State of the Industry data, Convenience stores paid about $11.8 billion in credit card swipe fees in 2019, making it the second highest operating cost after labor.


Demand for EV charging continues to increase, especially with the change of administration and President Biden's aggressive efforts to address climate change. We look forward to our webinar hosted by FreeWire scheduled for March 24th. We are happy to offer our members ways to stay tuned in to these changes; we are taking this seriously and so should you. We will continue to have programs to keep you informed on this subject. We hope that when the pandemic is over, we can come together for a conference on the subject to learn more. Please let us know if this would be something you would be interested in (once we can all be together in the same room, of course). 

Be Well -  

Sal Risalvato
Executive Director




  Training Class Schedule  

All classes held at NJGCA HQ -- 4900 Route 33 West, Wall Township, NJ 07753

Contact Nick De Palma at Nick@njgca.org to inquire about additional class dates



  News Around The State  


The Coming Corporate Tax Hike

Democrats are zeroing in on raising the corporate tax rate from its current 21% to 28% as one of the easiest ways to find new revenue for an infrastructure package. The big picture: While many senators are signaling that President Biden's next big-ticket bill must come with a way to pay for it, the White House and its Democratic allies are growing confident they can get there, in part, by increasing corporate taxes.


I.R.S. Pushes Tax Deadline Back One Month

The Internal Revenue Service will again give Americans extra time to file their taxes as a result of the pandemic. Instead of the usual April 15 deadline, filers will instead have until May 17, the agency said Wednesday, an extension that will ease the burden on filers dealing with the economic upheaval caused by the coronavirus, which has put millions out of work or caused their hours to be cut. The I.R.S. emphasized that the extra time is only for federal returns, not state returns, so taxpayers should check with their state tax agencies about any deadline changes. It also does not apply to estimated tax payments that are due on April 15, which are still due on that day.


Will Pennsylvania Be the First State to Motor Past the Gas Tax?

In Pennsylvania, Gov. Tom Wolf (D) has proposed phasing out the gas tax as the main funding mechanism for the state's highway fund, and he has established a commission to recommend options for replacing it with alternative revenue sources. In a statement, the governor called the current motor fuel tax burdensome, outdated, and unreliable.


Bitcoin ATMs Are Coming To A Gas Station Near You

A new feature has appeared at smoke shops in Montana, gas stations in the Carolinas and delis in far-flung corners of New York City: a brightly-lit bitcoin ATM, where customers can buy or sell digital currency, and sometimes extract hard cash.The machines have multiplied quickly through the United States over the past year, fueled by a frenzy in crypto trading that sent bitcoin prices over $58,000. Kiosk operators such as CoinFlip and Coin Cloud have installed thousands of ATMs, scouring areas competitors have not yet reached, executives told Reuters. . . As of January, there were 28,185 bitcoin ATMs in the United States, according to howmanybitcoinatms.com, an independent research site. Roughly 10,000 came within the prior five months.


Teamsters Urge FTC to Halt Review of Speedway Sale

Teamsters General President Jim Hoffa is calling on the Federal Trade Commission (FTC) to pause its antitrust review of the Speedway sale to Seven & i Holdings Co. Ltd. until the agency has time to interpret, integrate and employ the antitrust legislation currently making its way through Congress. In Hoffa's letter to the FTC, he also requested the agency ensure that all competitive effects from the transaction have been fully considered and remedied.


Sen. Durbin Says Visa, Mastercard Want to 'Get Even'

During an antitrust hearing yesterday, Senate Judiciary Committee Chairman Richard Durbin (D-IL) had choice words for rising credit card swipe fees, according to the Merchants Payments Coalition (MPC), of which NACS is a founding member. Durbin, who authored a key legislative victory for the convenience retail industry in 2010 that brought transparency, competition and predictability to debit card fees, cited Visa and Mastercard's plans for a nearly $1.2 billion increase in credit card swipe fees scheduled to take effect in April. "They didn't forget," Durbin said, referring to his earlier legislation. "They're waiting for an opportunity to get even again. Where is the policing authority to stop this duopoly from doing this to every merchant and retailer in America? I don't see it."


Lawmakers Strike Bipartisan Deal To Extend Small-business Loan Program

Senior House and Senate lawmakers have reached an agreement to extend the Paycheck Protection Program for two months amid growing concern that the March 31 expiration of the landmark small-business rescue plan would deprive many employers of aid. The deal first announced by House Small Business Chair Nydia Velázquez (D-N.Y.) and Rep. Blaine Luetkemeyer (R-Mo.), the committee's top Republican, would delay the PPP's loan application deadline to May 31. It would also give the Small Business Administration authority to continue processing pending applications for 30 days after that date.



  Energy Information Agency Weekly Retail Gasoline Prices  

Each week, the Energy Information Administration publishes a list of average gasoline prices for the previous three weeks. NJGCA will begin including this list with the Weekly Road Warrior. Remember, these prices are reflective of self-serve everywhere except NJ.




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