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Nacha's Upcoming ACH Contact Registry Rule Requirement


Financial institutions constantly seek ways to contact and communicate quickly with other financial institutions about specific ACH payment issues and exceptions. Nacha created the ACH Contact Registry Rule (the Rule) to help facilitate this process. Effective July 1, 2020.

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WEBINAR: Strategies for Maximizing PPP Loan Forgiveness, Part III


Join us for a free webinar on Wednesday, June 10th from 2:00-3:00 PM (CST)/3:00-4:00 PM (EST) as we discuss properly documenting expenses and answer frequently asked questions so you can maximize your PPP loan forgiveness.

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WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness, Part II


Our presentation held on Thursday, May 28th reviewed the latest guidance on properly documenting expenses for PPP loan forgiveness and the interim Final Rule. Access webinar materials here.

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SBA Loan Review Procedures and Related Borrower and Lender Responsibilities


On Friday, May 22, 2020, the U.S. Small Business Administration issued guidance for the Paycheck Protection Program Requirements related to SBA Loan Review Procedures and Related Borrower and Lender Responsibilities. We have prepared a summary of this guidance for banks and credit unions.

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WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness, Part I


In response to the impacts of COVID-19, many businesses have received funding through the Paycheck Protection Program (PPP) under the recently passed CARES Act and we have held a webinar on key considerations for PPP loan forgiveness. Access webinar materials here.

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COVID-19 is Accelerating the Rise of the Digital Economy


Digital transformation is necessary during this crisis, but that doesn’t mean it will look the same as it did before the pandemic. New problems and opportunities have come to light with greater urgency. For some businesses, the forces of disruption may be so great that the long-term strategic vision will need to be overhauled. 

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WEBINAR MATERIALS: How COVID-19 is Impacting Retirement Planning


The Coronavirus Aid, Relief, and Economic Stimulus Act, or “CARES Act” brought important changes to retirement plans that every investor should be aware of. Learn about these changes, how they are impacting retirement planning, and what actions you should take to have an investment plan you can stick with to achieve peace of mind. Access webinar materials here.

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Impact Of The Cares Act On Financial Institutions And Specialty Finance Entities


COVID-19 has created significant uncertainty for financial institutions and specialty finance entities. CFOs and financial leaders can help their organizations on the path back to growth by leveraging all applicable CARES Act provisions in their accounting strategies. Here are highlights of some of the key financial statement areas that are impacted by the CARES Act to date.

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WEBINAR MATERIALS: Staying Connected & Empowering Your Team Using Collaboration Tools


When it comes to working remotely, using virtual tools, and leveraging technology, what can business owners and managers do today that will help ensure they emerge successfully from the COVID-19 pandemic? Access webinar materials here.

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Documentation & Accounting for PPP Loan Forgiveness


As many of our clients have already started receiving their Payroll Protection Program (PPP) loan proceeds, the Saltmarsh COVID Recovery Response Team is recommending guidelines for how these loans should be handled, both from the operations and accounting (recording on the books) standpoints.

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A Return to Work in the New NormalHow companies should plan to return to work and emerge from COVID-19 stronger and smarter.


As the response to the COVID-19 pandemic progresses, many companies have established operational crisis management teams and adjusted to global restrictions on work and movement. Executives are now beginning to ask the question: How are we going to return to work?

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Federal Reserve Announces Main Street Business Lending Program as Part of Additional Actions to Provide Economic Aid


On April 9, the Federal Reserve announced additional actions it will take to provide up to $2.3 trillion in loans to support the U.S. economy. The Federal Reserve believes this funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic.

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Temporary Suspension of Debits Due to Lack of Response to an ACH Reclamation


Under the U.S. Department of the Treasury, the Bureau of the Fiscal Service understands that there are some staffing challenges for financial institutions and at the Fiscal Service due to protocols associated with the Coronavirus outbreak. These challenges may result in the delay of the financial institution to respond and Fiscal Service’s ability to process ACH Reclamations in a timely manner.

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Nacha Provides Relief Regarding Potential Rules Violations for Elevated Return Levels


Nacha issued an ACH Operations Bulletin on April 2, 2020 to provide relief regarding potential Rules violations for elevated return levels. Businesses that originate pre-authorized ACH debits for services that have been interrupted may face an elevated risk of returns.

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CARES Act Relaxes Qualified Plan and Employee Benefit Rules to Improve Cash Flow for Employer and Employees


The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (H.R. 748) includes several relief provisions for tax-qualified retirement plans, expands health care flexible spending accounts so funds can be used for over-the-counter items, clarifies some health insurance plan questions, and, through year-end, allows employers to reimburse employees for student loan payments tax-free. 

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Individuals: What You Need to Know About the CARES Act


On March 6, 2020, the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 was enacted, becoming the first of three Congressional relief and stimulus acts passed. This alert briefly summarizes the following relief provisions enacted in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted on March 27, 2020.

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CARES Act Aids Employers Who Continue to Pay Employees


Section 2301 provides a refundable payroll tax credit for certain wages paid to employees. Section 2302 allows employers to defer the deposit of certain employment taxes for as much as two years. Taken together, these provisions provide significant relief for employers and are designed to encourage employers to continue paying wages to employees during these unprecedented times.

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Coronavirus Aid & Relief: Eligibility for CARES Act, SBA Lending and FFCRA


Virtually everyone is impacted in some way by the virus and the flood of relief programs and decisions for both individuals and businesses can be overwhelming. As funding may be limited, it is important to act quickly.

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Operating Cost Reduction Strategies to Consider During Crisis Management and Recovery


In the midst of the COVID-19 crisis, operational challenges are among the top sources of pressure for businesses. Unforeseen costs, disruptions in services and, for most organizations, significant material hits to revenue are top of mind as you navigate new issues related to maintaining facilities and business functions.

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Nacha Update: Providing Relief to Banks & Credit Unions


Nacha issued ACH Operations Bulletin #5-2020 on March 27, 2020, stating that they will not enforce the signature/similar authentication requirement until further notice. Additionally, Nacha will provide temporary relief from deadlines for delivery of certain records that are required under the Nacha Rules.

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The SALT Implications of the CARES Act


On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which among numerous other provisions, modifies certain business tax provisions in the Internal Revenue Code (IRC). The CARES Act modifications will present a new round of state and federal conformity challenges for states, taxpayers, and practitioners.

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CARES Act Signed by President Trump


The Act is intended to have significant impact on the economy by providing loan forgiveness, supporting small businesses, enhancing unemployment insurance, and providing federal loans to industries severely impacted by the pandemic.

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Paycheck Protection Program Offers Forgivable Emergency Loans Under CARES Act


The Paycheck Protection Program provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency. Importantly, these loans may be forgiven up to 2.5x the borrower's average monthly payroll costs.

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Community Reinvestment Act: Modernization Proposal Comment Extension


While you are quarantined at home getting your social distancing on, if you’re a CRA professional for your financial institution, you need to set aside some time to read and review the CRA modernization proposal issued by the OCC and FDIC from December 12th, 2019. The 30-day extension for comments ends April 8th. 

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COVID-19 Resources for Financial Institutions


We are closely following the evolution of COVID-19 (Coronavirus) and have created a central location for sharing information to assist financial institutions.

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Past Posts By Category

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