On June 5, 2020, President Donald Trump signed H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020, into law. As a result, the Paycheck Protection Program (PPP) rules have changed once again. Significant changes to the PPP program include: Borrowers can choose to extend the 8-week period to a 24-week period, or they can choose to keep the original 8-w [...]

Welcome back to our Movie Business Podcast Series with hosts Ilan Haimoff, Partner at GHJ, and Jason E. Squire, Professor at USC School of Cinematic Arts and Editor of The Movie Business Book Fourth Edition. Our guest panelist is Peter Dekom, top entertainment lawyer whose clients have included George Lucas and Ron Howard. Peter has been listed in Premiere Magazine as [...]

The entertainment industry has been affected by #COVID19 just like every other industry. A newly released book, Movie Money: Understanding Hollywood’s (Creative) Accounting Practices, authored by GHJ Entertainment Leaders Partner Steven Sills, Principal Peter Klass and Manager Tracy Liang, takes an in-depth look at the accounting side of the entertainment industry, pr [...]

While diversity, equity and inclusion have become buzzwords in recent years, the definitions and what they mean and how they apply to each company or organization can differ. For example, there is no clear definition of equity, even in the nonprofit sector. According to a recent whitepaper from LA-based accounting firm GHJ titled The Give and the Get: The Future of Ph [...]

The COVID-19 pandemic has had a substantial impact on the global economy across all business sectors, and the food and beverage industry has seen particular hardships. The U.S. government has responded with a variety of legislation aimed at reducing the financial burden on businesses with the hopes that it will stabilize the economy. There are some rules, both new a [...]

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 [...]