May 2021
New Video Series - SobelCo Insights
SobelCo Insights is a newly launched series of brief, insightful videos addressing important updates and relevant topics that will be released weekly.
Click on the link below is see the videos that were released this month
The Employee Retention Credit (“ERC”), which was originally put into place under the CARES Act, is available to companies that experience a significant decline in gross receipts or are required to fully or partially suspend their business operations due to governmental orders. Recently there have been some key changes made to it by various tax acts. Read the full article for key facts.
What's New at SobelCo
Look what's new this month at SobelCo




Even though the US Federal Reserve and United Kingdom regulators have been aggressively urging banks to prepare for the 2021 phase-out of LIBOR (London Interbank Offered Rate) as the primary benchmark for overnight borrowing costs for banks, current reporting estimates that at least 50% of companies questioned have not yet focused on replacing LIBOR, and only about 34% of financial institutions questioned state that they are on track for the approaching year-end transition.  
In the late afternoon of Friday, May 7, 2021, Governor Murphy made two important announcements. 

The first announcement was that the state will make an additional $235 million in funding available through Phase 4 of the Small Business Emergency Grant Program. State officials hope that this additional funding will fulfill all eligible pending Phase 4 small business grant requests. 

In his second announcement, the governor said that New Jersey will create an Excluded New Jerseyans Fund in the form of direct cash assistance to residents who have been previously excluded from other assistance programs.
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