Financial Institutions

Funding Alert: NJEDA Announces Phase 4 of the SBEA Grant Program

On Wednesday, April 14, 2021, The New Jersey Economic Development Authority (NJEDA) announced Phase 4 of the Authority’s Small Business Emergency Assistance Grant Program, adding $85 million in funds from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Phase 4 will provide short-term operating support to a broad group of New Jersey small and…

Read More

Summary & Highlights of the American Rescue Plan Act

On March 11, 2021 President Biden signed the American Rescue Plan Act of 2021, (ARPA or the Act) which will provide $1.9 trillion in relief funds across a wide spectrum of categories, including additional relief for nonprofits and small businesses, the extension of unemployment benefits, new tax provisions, assistance for restaurants and bars, and more.…

Read More

Funding Alert: Small Business Lease Emergency Assistance Grant Program

Governor Phil Murphy and Lt. Governor Sheila Oliver announced $5 million in funding for Phase 2 of the Small Business Lease Emergency Assistance Grant Program, which provides grants up to $10,000 for small businesses and nonprofits that have been impacted by COVID and are located in the New Jersey Redevelopment Authority’s 66 designated communities. The application process for…

Read More

Mercadien Webinar Replay: The Growing Landscape of Cannabis Banking

Dominic Hulick, CAMS, Supervisor & Kyle Dennerlein, CAMS, CCBP, Senior BSA Analyst of Mercadien’s Financial Institutions Services Group presented a webinar The Growing Landscape of Cannabis Banking on Wednesday, February 3rd. During the webinar, they went over: How to implement the proper tools & programs to successfully manage MRB customers The framework of an MRB &…

Read More

Funding Alert for Small Businesses and Restaurants in NJ & PA

NJEDA Announces $10 Million Second Phase of the Small Business Emergency Assistance Loan Program On Wednesday, January 27th, The New Jersey Economic Development Authority (NJEDA) announced it will open pre-registration for Phase 2 of its Small Business Emergency Assistance Loan Program at 9:00 a.m. EST on Wednesday, February 10, 2021. The $10 million program expansion…

Read More

PPP2 is Here – What You Need to Know

On Monday, December 21st, the U.S. Senate and House of Representatives passed a $900 billion COVID-19 relief bill, called the Consolidated Appropriations Act, that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in relief funding for small businesses as a supplement to the original…

Read More

Tax Impacts of the New COVID Relief Bill

The Consolidated Appropriations Act of 2021 has been passed by Congress and was signed by the President last Sunday, December 27th. The bill is very large and contains over 5,600 pages. It includes the COVID-Related Tax Relief Act of 2020 (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR), which contain…

Read More

State & Local Tax Considerations for Remote Employees During the COVID-19 Pandemic

As we all have witnessed over the last several months, the novel COVID-19 pandemic has changed the way the world works. Now, the physical location of businesses has less relevance. To meet social distancing guidelines and protect their employees while also keeping business rolling, most companies have asked employees to work remotely from their own…

Read More

Important Considerations for Year-End Tax Planning

As year-end approaches, it is a good time to think about planning moves that may help reduce taxes for this year and possibly next. Year-end planning for 2020 takes place during the COVID-19 pandemic, which in addition to its devastating health and mortality impact has widely affected business finances. New tax rules have been enacted…

Read More

Navigating the Changing & Growing Landscape of Banking Cannabis

Cannabis is inclusive of marijuana, hemp and CBD. Recently, more states, including New Jersey, have legalized marijuana for recreational use and the number of states that have legalized marijuana use, whether recreational or medicinal, has grown exponentially. The regulatory risk exposure and financial benefit to financial institutions is significant. Has your institution considered its position…

Read More