Government
$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…
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…
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…
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 –…
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…
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…
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…
Government Accounting Standards Board Response to COVID-19 Pandemic
Similar to the private sector, state and local governments have not been immune to the impacts of the Coronavirus (COVID-19) pandemic. Statewide stay at home orders have limited staffing to essential employees and alternate work schedules, causing many governmental entities to struggle with managing public services while also dealing with the many financial uncertainties the…