Latest News
Merchants Commercial Bank
Chief Credit Officer Rohit Khiani
(340) 779-2265 ext. 240
rohitkhiani@merchantscommercial.bank
November 22, 2022
MERCHANTS COMMERCIAL BANK TO HOST AN INFORMATIONAL ON THE EMPLOYEE RETENTION TAX CREDIT (ERTC) PROGRAM
On Tuesday, December 6, 2022, Merchants Commercial Bank in collaboration with the V.I. Small Business Development Center, will host an informational workshop on the Employee Retention Tax Credit (ERTC) program. The workshop will feature presentations by The Strategy Group and OBI CAI Management Consulting Solutions focused on providing businesses with the tools to process a claim under the ERTC program.
The ERTC is a refundable credit that businesses throughout the territory can claim on qualified wages, including certain health insurance costs, paid to employees after March 12, 2020, through the end of the program – regardless of whether the business participated in the SBA Paycheck Protection Program (PPP).
“The ERTC informational workshop exemplifies Merchants Commercial Bank’s (MCB) continued commitment to assisting businesses and has invited two preeminent professional service entities (The Strategy Group and OBICAI Management Consulting Solutions) to provide the most up-to-date information for businesses in successfully claiming the ERTC,” said Valdamier Collens, president, MCB.
“We at The Strategy Group are excited to share more about the ERTC program with our Virgin Islands community and our local tax team is fully prepared to help business owners process any claims,” said Director of Tax & Accounting Rodd Goldman.
"Unfortunately, many businesses are either unaware they qualify for this credit or based on outdated legislation been incorrectly informed they do not qualify. We've been able to help rectify this misinformation and help dozens of businesses get the support they need to keep their doors open in this difficult climate,” added James Khan of OBI CAI.
The informational session will take place on Tuesday, December 6, 2022, at 7:00 pm at the V.I. Small Business Development Center at the 13D Innovation Center located at 8666 Lindbergh Bay. Businesses that are unable to attend in person can also access the informational session via Zoom at https://uvi-edu.zoom.us/j/92858027327.
To find out more please feel free to contact Ms. DeAnne Day at (340) 779-2265 ext. 247 or by email deanneday@merchantscommercial.bank.
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Merchants Commercial introduces Positive Pay to help combat check fraud
Positive Pay is an automated fraud detection solution offered to your business by Merchants Commercial Bank. Positive Pay uses digital confirmation to determine whether a check should be paid or flagged for non- payment. Positive Pay joins a host of other fraud prevention products offered by Merchants Commercial Bank. Some features offered by Positive Pay include:
- Automate check reconciliation
- Easily reconcile your payroll
- Simplify your accounts payable process
- Improve audit control
- Improve accuracy of deposit balancing
- Reduce reimbursement risk
- Streamline check storage and retrieval
- Save your business both time and money
According to BizFilings, “it has been estimated that the loss suffered by US businesses caused by check fraud exceeds $60 billion a year.” Take measures to protect your business from check fraud. To learn more about Positive Pay, please contact Merchants Commercial Bank and speak with one of our customer care representatives at (340) 779-2265 option 1 or 2.