Legal

SBA ANNOUNCES CHANGES TO THE EIDL PROGRAM

On September 8, 2021, the SBA announced major changes to the Economic Injury Disaster Loan (EIDL) Program.  New COVID EIDL policy changes include the following: Maximum loan cap increased from $500,000 to $2 million Use of funds was expanded to include payment and pre-payment of business non-federal debt incurred at any time (past or future) and Read More…

PRESIDENT BIDEN’S DISASTER DECLARATION FOR NEW JERSEY AND NEW YORK

On September 1, 2021 New Jersey and New York were hit with the remnants of Hurricane Ida, which caused catastrophic damages in the state of Louisiana a couple of days prior. Some portions of New Jersey and New York received excessive storm damage due to flooding and tornadoes. On September 2nd, President Biden approved an Read More…

DEADLINE EXTENDED FOR PPP LOAN APPLICATIONS

The U.S. Senate passed legislation (PPP Extension Act of 2021) on March 25, 2021 that provides a 60-day extension for eligible employers to apply for a Paycheck Protection Program (PPP) loan. The House of Representatives approved the legislation on March 16, 2021. The application deadline was set to expire on March 31, 2021, but now Read More…

NEW JERSEY ECONOMIC RECOVERY ACT OF 2020

On January 7, 2021, Governor Phil Murphy signed the New Jersey Economic Recovery Act of 2020. The law provides for the administration of programs and policies related to jobs, property development, food deserts, community partnerships, small and early-stage businesses, among others. In an effort to bolster development, the Economic Recovery Act creates, among other things, Read More…

EMPLOYEE RETENTION CREDIT – WHAT’S NEW

On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law.  The CAA, 2021 Act greatly expanded the Employee Retention Credit (ERC).  The credit is now available to more businesses and extends the date for wages paid through June 30, 2021. Under the CARES Act, the ERC was available to qualified Read More…

PPP LOANS ROUND 2

Congress expanded the Paycheck Protection Program (PPP) established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act with the passage of the Consolidated Appropriations Act on December 27, 2020. The Consolidated Appropriations Act also clarifies the deductibility of certain expenses paid for with funds from a loan under PPP and tax impact on income Read More…

NJ GOV. SIGNS EXECUTIVE ORDER CREATING NEW WORKPLACE MANDATES

New Jersey Governor Phil Murphy signed Executive Order 192 on October 28th, which makes effective November 5, 2020, new COVID-19 related health and safety mandates for employers.  The order states that every business, school, nonprofit and governmental office require any employee, customer or visitor who is physically present to undergo a daily health screening, maintain Read More…

APPLY NOW – NJ GRANTS FOR BUSINESSES & INDIVIDUALS

Governor Phil Murphy announced on October 12th that $112 million in aid, that the State of New Jersey received from CARES Act money, is being made available to provide grants to small businesses and help support struggling individuals with rental and mortgage assistance payments.  $70 million of the funds will be distributed by the State’s Read More…

HOW TO PLAN FOR SUCCESSION: PRESERVING, PROTECTING, AND PASSING ON WEALTH

Transitioning Ownership The decisions made regarding ownership of the family office or closely held business may not necessarily be the same decisions that are required for leadership and management. It’s critical to understand and acknowledge the different elements that proper succession planning entails. The family wealth enterprise has three interconnected circles of participation—the family members, Read More…

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