Food processing companies are considered essential businesses by most state governments and are currently permitted to stay open and continue to operate. But how are they dealing with COVID-19? Companies now need to comply with more stringent requirements and change their existing operating policies for food safety and personnel safety measures. New operating strate [...]

The recently enacted CARES Act contains broad and targeted provisions that can help the cash-flow needs of real estate property owners. For residential property owners and landlords with federally backed mortgages (i.e., Fannie Mae or Freddie Mac), the CARES Act provides relief with forbearance on mortgage payments and foreclosure protection: Multifamily borrowers [...]

April 3, 2020 was the first day that small to mid-sized businesses affected by the COVID-19 pandemic could apply for funding from the $349-billion Paycheck Protection Program (PPP) that is part of the CARES Act. Many media and entertainment companies are still eagerly awaiting to begin the funding process of the PPP loans. However, they have been met with some challe [...]

According to Section 1106 of the CARES Act, a portion of the Paycheck Protection Program (“PPP”) loans can be forgiven on a tax-free basis based on the extent of certain covered expenses (i.e., payroll, rent obligations, utility payments and mortgage interest) incurred during the eight-week period following funding of the PPP loan. Amounts forgiven may not exceed th [...]

Nonprofit organizations across the nation are desperately in need of support during the current COVID-19 pandemic. A new universal above-the-line tax deduction may give charitable giving a much needed boost. Currently, only individuals who itemize their taxes can claim charitable deductions. Under the 2018 Tax Cuts and Jobs Act, the standard deduction was increased t [...]

On March 27, the President signed the Coronavirus Aid, Relief and Economic Security (“CARES”) Act, a $2 trillion omnibus spending package to provide emergency assistance and healthcare response for individuals, families and businesses affected by the COVID-19 pandemic. The CARES Act contains a wide range of economic relief to individuals and businesses – including d [...]

Originally posted in Los Angeles Daily News Expect studio battles with insurance companies and stakeholders' lawyers regardless of when production and exhibition resume. Hollywood studios and other major entertainment media entities are making efforts to treat the people who work for and with them decently at this point in the coronavirus crisis. Late last week, Wa [...]

(Updated as of 4 p.m. on 4/3) Many restaurants and small to mid-sized food companies are eagerly awaiting the start of the funding of the $349-billion Paycheck Protection Program (PPP) that is part of the CARES Act. However, lenders and applicants have not been fully informed by the federal government with much of the information they need to apply. “The response [...]

Up next on 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, is an interview with Entertainment Analysts Harold L. Vogel. This installment dives into the financial outlook of the entertainment industry after the COVID-19 pande [...]

We released a previous Tax Alert regarding the recently passed Families First Coronavirus Response Act (“FFCRA”). Significantly, the FFCRA created a new “emergency sick leave” and expanded the paid leave provisions of the Family and Medical Leave Act (“FMLA”). Many small-to-midsize businesses must now provide additional paid leave to employees but have been granted si [...]