Compliance/Regulatory Oversight
Mercadien Announces Executive Promotions; Names Ms. Lovepreet Buttar A Partner
September 14, 2020; Princeton, NJ & Philadelphia, PA – The Mercadien Group is pleased to announce several promotions within the firm’s corporate leadership team. Ms. Lovepreet Buttar, CPA, MBA, CGMA, PSA, a member of the Nonprofit & Human Services Group, was promoted to managing director of The Mercadien Group and principal in Mercadien, P.C., CPAs…
FUNDING ALERT: NJRA SMALL BUSINESS LEASE EMERGENCY ASSISTANCE GRANT PROGRAM
In response to the COVID-19 pandemic, the New Jersey Redevelopment Authority (NJRA) announced a $6 million grant program that allows businesses in 64 eligible municipalities that have been adversely affected by the virus to apply for grants of up to $10,000 to assist with lease payments. The program is targeted toward businesses with less than…
PPP Alert – Senate Agrees to Extend PPP Loan Program to August 8th
The Senate passed a bill to extend the filing deadline for Paycheck Protection Program (PPP) loans late on June 30th, just hours before the Small Business Administration (SBA) was set to stop accepting applications. However, unless and until the House of Representatives approves the language, the SBA will stop accepting PPP applications. The PPP provides…
PPP Loan Alert – SBA & Treasury Issue Guidance on PPP Flexibility & Updated Applications
On June 10, 2020, the Small Business Administration (SBA) and Treasury Department issued an interim final rule to address changes made by the Paycheck Protection Program Flexibility Act (PPPFA). Streamlined PPP loan application forms for borrowers and lenders for loans made on or after June 5, 2020 were also updated and published. The interim final…
Changes to PPP – What Should You Know?
On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (PPPFA). The PPPFA provides flexibility to borrowers attempting to maximize the benefits provided by the Paycheck Protection Program (PPP) established under the CARES Act. For existing PPP loans, the PPPFA provides the following: Extends the period for PPP…
SBA Interim Final Rules on PPP Loan Forgiveness & Borrower/Lender Responsibilities
On May 22, 2020, new interim final rules were released by the Small Business Administration (SBA) providing guidance to borrowers and lenders regarding the SBA’s review process under the Paycheck Protection Program (PPP), including the loan forgiveness calculation and eligibility. Highlights from the May 22, 2020 interim final rules are as follows: The SBA review…
Mercadien Webinar Replay: Interpreting FFIEC BSA/AML Manual Updates
Manager Joseph Galdo, CPA, CFE, CAMS, and Supervising Senior Chrisitina Richardson, CAMS, presented a webinar Interpreting FFIEC BSA/AML Manual Updates on Thursday, May 21st. During the webinar, they went over: The purpose/history of the FFIEC BSA/AML Manual Impact of COVID-19 on customer behavior Key takeaways Specific updates to the manual How these changes will affect…
The Challenges Facing Businesses as They Reopen
While New Jersians and Pennsylvanians alike are eager to return to work and life, their plans for normalcy seem to have been thwarted by recent orders by both states extending the stay at home orders in New Jersey and the eastern part of Pennsylvania. However, despite the delay, both states have announced reopening plans, with…
Surviving Technology Overload During Quarantine
The COVID-19 quarantine has been going on in the tri-state region since the first week of March, and is nothing like we have ever experienced before. For most of us that means we’ve been home-bound for seven weeks give or take. For those of you like me, that’s a long time to be stuck in…
Cares Act Provider Relief Fund for Healthcare Organizations
On March 27, 2020, the President signed the bipartisan CARES Act that provides $100 billion in relief funds to hospitals and other healthcare providers on the front lines of the coronavirus response. This funding will be used to support healthcare-related expenses or lost revenue attributable to COVID-19, and to ensure uninsured Americans can get testing…