On May 15, 2020 the SBA released the Loan Forgiveness Application Instructions for Borrowers, which included the much awaited guidance on various forgiveness questions, and also left some unanswered questions. This blog will summarize the major points raised by the document and the practical impact on borrowers, and incorporates the revised rules introduced through th [...]

New Guidance On May 13, 2020, the Small Business Administration (SBA) provided guidance to Paycheck Protection Program (“PPP”) borrowers regarding the implications for eligibility certifications that were made in the borrower’s application (FAQ #46). The SBA clarified that borrowers with loan sizes under $2 million will be deemed to have made certification for eligi [...]

By Richard Wu (Principal) On May 6, 2020 by unanimous vote, the Los Angeles City Council adopted Ordinance No. 186606, which provides additional relief and modifies existing protections for commercial and residential tenants. This protection is retroactive to March 4, 2020 and lasts until Mayor Garcetti announces the local emergency is over (“Local Emergency Period [...]

Benefit elections under a cafeteria plan are, with limited exceptions, irrevocable and must be made by plan participants (employees) prior to the first day of the employer-plan year. Under a newly issued IRS notice (Notice 2020-29), for the 2020 plan year, the employer-sponsored plan may permit employees (who are eligible to make salary reduction contributions) to mak [...]

On May 6, Governor Newsom expanded property tax filing and payment relief from county and local guidance announced in GHJ’s prior Tax Alert. In addition to expanding the payment relief guidance for April installments, the executive order extended the deadline for all business personal property tax statements until the end of the month. County personal property tax sta [...]

The Small Business Administration (SBA) has extended its grace period until May 14, 2020 (previously May 7) for applicants to repay their Paycheck Protection Program (“PPP”) loans provided by the CARES Act in full if they do not meet the required eligibility in order to be deemed to have made the required certification in good faith without repercussion. Background [...]

The State of California aims to move into Stage 2 of the state’s reopening plan by the end of this week (May 8), allowing the return of retail, manufacturing and other “low-risk businesses.” New physical distancing measures should be followed and implemented in order for these businesses to reopen. Additionally, the Centers for Medicare and Medicaid Services (CMS) ha [...]

During the COVID-19 pandemic, it is noticeable that while some food items are properly stocked during store visits, some items are flying off the shelves and continually low in supply. Forgetting toilet paper, hand sanitizer and cleaning supplies (which are always in short supply), there have been many food products – both branded and private label – that have done ex [...]

As businesses look for economy recovery amid COVID-19, GHJ Media and Advertising Expert Dan Landes talks with Senior Director at Banc of California Adrian Ward and GHJ State and Local Tax Leader Frances Ellington on the opportunities the CARES Act brings for entertainment businesses in GHJ’s Media Clips podcast. Find out from the experts how banks are navigating clien [...]

In response to the COVID-19 pandemic, Paycheck Protection Program (PPP) loans, administered under the Small Business Administration (SBA) 7(a) guaranty loan program, are being provided through local financial institutions. These loans have been made available to both for-profit and nonprofit organizations. PPP Loan Guidance A common question GHJ has received is [...]