Financial Institutions

$155M Funding Available for NJ Long-Term Care Facilities

Yesterday New Jersey Governor Phil Murphy, Department of Health (DOH) Commissioner Judith Persichilli, and Department of Human Services Commissioner Carole Johnson announced that $155 million in relief funds will be provided to long-term care facilities.  The funding will assist the facilities with the implementation of a new DOH directive focused on safely reopening long-term care…

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Additional $15M in CARES Act Funding to be Distributed by the NJEDA

On August 11, the New Jersey Economic Development Authority (NJEDA) approved $15.3 million in CARES Act funding through their Small Business Assistance Grant Program. The purpose of adding the additional funding to this program is to provide assistance to businesses located in twelve New Jersey counties that did not receive direct funding from the federal…

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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…

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SBA Issues Procedural Notice for PPP Lender Forgiveness Reviews & Submissions

On July 23rd, the Small Business Administration (SBA) issued the following Procedural Notice regarding the process which lenders must follow in their review of your Paycheck Protection Program (PPP) forgiveness application and how they will interface with the SBA to request reimbursement for loans that they approve for forgiveness. View the Procedural Notice here –…

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Mercadien Webinar Replay: Are You Ready to Submit Your PPP Forgiveness Application?

Frank Pina, CPA, Sherise D. Ritter, CPA, Kyle Neeld, CPA, Managing Directors & Elizabeth LaCorte, CPA, Manager, presented a webinar Are You Ready to Submit Your PPP Forgiveness Application? on Wednesday, July 29th. During the webinar, they went over: Key points of the PPPFA Modifications to provisions related to PPP loan forgiveness, including: Extended covered period…

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Update to Our PPP Loan Forgiveness Implementation Guide

The PPP Loan Program Evolution Continues As suspected back in May when Mercadien published its Paycheck Protection Program (PPP) Loan Forgiveness Implementation Guide, many rules have evolved and changed for both borrowers and lenders.  It has been several weeks since we published the original version of this guide.  Over these last several weeks, we have…

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Updated Guidance on Available Payroll Credits – New Form 941 – 2nd Quarter 2020

Due to the COVID-19 pandemic, the IRS announced a payroll tax credit as well as other relief over the past few months.  With the 2020 second quarter payroll tax return due dates approaching, below are highlights of these potential benefits and tax reporting changes that you should be aware of. Employee Retention Credit – Qualifications…

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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…

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Mercadien Webinar Replay: OCC’s Final CRA Rule – What You Need to Know

On Wednesday, June 24th Mercadien’s Financial Institutions Services Group hosted a one-of-a-kind presentation featuring the nation’s leading Community Reinvestment Act expert, Kenneth H. Thomas, Ph.D., author of The CRA Handbook and former finance lecturer at The Wharton School of Business, who addressed the OCC’s Final CRA rule, and what it means for banks and their…

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The Main Street Lending Program: An Alternative to the PPP

The lender portal for the Federal Reserve’s Main Street Lending Program (MSLP) has opened as the alternative to the Paycheck Protection Program (PPP). Unlike the PPP, the Main Street Lending Program’s loans are not forgivable, although they are at low interest rates. The program is being offered through the Federal Reserve rather than the SBA…

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