In passing the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES), Congress provided much-needed relief to project owners by making it easier to modify construction loans. Under the Act, an owner may qualify for a forbearance arrangement, an interest rate modification, or a repayment plan, among other options, and the modification does not adversely impact the credit of the borrower ...
The IRS continues to provide clarity regarding application of the various Coronavirus Aid, Relief, and Economic Security ("CARES Act") modifications to the Internal Revenue Code (the "Code") (see prior coverage here). In addition to recent guidance regarding bonus depreciation, the IRS on April 9 released Rev. Proc. 2020-24 and Notice 2020-26, both of which address CARES Act amendments applicable to net operating losses ("NOLs") ...
The SECURE (Setting Every Community Up for Retirement Enhancement) Act (the "Act") took effect on January 1, 2020, making substantial changes to the rules regarding retirement account distributions, including a required 10-year payout for most non-spouse beneficiaries of IRAs and other retirement plans. Changes to Existing Law For estate planning purposes, the Act's most important change is the elimination of the "stretch IRA ...
A recent COVID-19 outbreak at a King County, Washington state long-term care skilled nursing facility led to numerous cases and deaths among residents and visitors. Most likely as a result of continued and growing cases of COVID-19 at skilled nursing and long-term care facilities, on April 5, 2020, Cal/OSHA published Interim Guidance for Protecting Workers at Skilled Nursing and Long-term Care Facilities from Exposure to Coronavirus Disease (COVID-19) ...
On April 8, 2020, the IRS released Rev. Proc. 2020-23 to allow certain partnerships to take advantage of tax law changes under the Coronavirus Aid, Relief and Economic Security (CARES) Act, including the immediate expensing of costs related to "qualified improvement property ...
An increasing number of California cities are adopting expanded paid sick leave ordinances – or expanded application of local paid sick leave ordinances – aimed at providing paid sick leave benefits to employees affected by COVID-19 who may not be entitled to benefits under the Families First Coronavirus Response Act (FFCRA). These cities include San Francisco, Los Angeles, and San Jose ...
Last week, the SBA issued guidance concerning the rights of independent contractors with respect to Paycheck Protection Program (PPP) forgivable loans. First, the SBA clarified that employers cannot include compensation paid to independent contractors in calculating their own loan amount. Second, the SBA announced that independent contractors and self-employed individuals will be eligible to apply for a PPP loans starting April 10, 2020 ...
Many environmental impact reports and negative declarations will breeze through analyses of a development project’s impacts on cultural resources ...
Introduction I have not taken the time to research and, hence, cannot speak knowledgeably about the economic impact of government measures taken to defeat the Spanish Flu epidemic of 1918, and the legal consequences thereof ...
On April 3, 2020, small business owners started applying for forgivable loans under the Paycheck Protection Program (PPP) to help keep their workforce employed during the COVID-19 pandemic. As the program got underway, the Small Business Administration (SBA) rolled out important new guidance for small businesses, including an updated loan application form and comprehensive guidance on PPP requirements for borrowers and lenders ...
On April 2, 2020, Governor Newson issued Executive Order N-42-20 ("Executive Order") in response to the COVID-19 pandemic. This order restricts the ability of water service providers to shut off water to certain customers for non-payment. All Residential Water Service Providers Affected All water service providers providing residential water service, regardless of size, are affected by this Executive Order ...
In Pakdel v. City and County of San Francisco, filed on March 17, 2020, a three-judge panel of the Ninth Circuit Court of Appeal voted 2-1 to affirm the dismissal of a property owner’s takings challenge against San Francisco’s “Expedited Conversion Program ...
The provisions of the newly-enacted CARES ACT that have been receiving the most attention from owners of small businesses that have been devastated by the COVID-19 pandemic are those relating to the business-sustaining forgivable loans and tax benefits that will potentially be available to those companies ...
As a growing number of the workforce is being affected by the COVID-19 pandemic, governmental employers are raising benefit-related questions. The Employee Benefits Group at Hanson Bridgett will be providing updated information on possible issues arising in the benefits area through Benefits Alerts and postings on Hanson Bridgett's Online COVID-19 Resource Center ...
You’ve read the qualifying language before: across the country, construction projects are being impacted by the COVID-19 pandemic. We thought it important to prepare guidelines to assist contractors in navigating the situation from a risk management perspective. The situation is dynamic and will change quickly. A one-size-fits-all solution does not exist, and this global challenge continues to evolve. What works today may not address tomorrow’s needs ...
Like most industries, tech startups have been deeply impacted by the COVID-19 pandemic. As they scramble to adapt to a rapidly changing climate, tech leaders are asking if, and to what extent, their businesses can benefit from the $2 trillion stimulus package known as the CARES Act ...
Chances are your business has been interrupted by the Coronavirus epidemic, and if you rent space, you are considering how to obtain rent concessions from your landlord. Most likely, your lease will not give you an express right to rent abatement if your use is precluded by a "shelter-in-place" order or other government action ...
As private and governmental employers cope with reduced revenues and other significant effects of the COVID-19 pandemic, many are considering whether to lay off or furlough employees, or reduce employees’ hours ...
On March 31, 2020, the IRS issued Form 7200 Advance Payment of Employer Tax Credits Due to COVID-19 and instructions for eligible employers to claim advance payments of refundable payroll tax credits related to COVID-19 ...
On March 20, 2020, the Internal Revenue Service (IRS) and the U.S. Department of Labor (DOL) jointly issued guidance regarding the tax credits available to certain small employers who are required to provide new types of paid leave to employees under the Families First Coronavirus Response Act (Act), enacted on March 18, 2020 ...
As a growing number of the workforce is being affected by the COVID-19 pandemic, employers are raising several benefits related questions, particularly with respect to the new paid sick and family and medical leave requirements. The Employee Benefits Group at Hanson Bridgett will be providing updated information on possible issues arising in the benefits area through Benefits Alerts and postings on Hanson Bridgett's Online COVID-19 Resource Center ...
On March 24, 2020, the California Governor’s Office of Planning and Research (“OPR”) announced that “[a]t this time, there has been no change to the deadlines, noticing, or filing requirements contained within CEQA.” OPR also announced that the California State Clearinghouse, the office that coordinates state-level review of CEQA documents, will be operating every weekday between 9:00 a.m. and 4:00 p.m ...
Last Friday, March 27, we published CARES Act: Paycheck Protection Loans and Eligibility for Loan Forgiveness. This alert is intended to provide an update concerning implementation of the Paycheck Protection Loan application process. The SBA has posted a Paycheck Protection Application Form on its website. Since the loans will be funded by private SBA lenders, and guaranteed by the SBA, most borrowers are lining up with private SBA lenders now ...
On March 31, 2020, Alameda, Contra Costa, Marin, San Francisco, San Mateo, and Santa Clara counties plus the City of Berkeley issued new Shelter-in-Place orders, further restricting construction and extending Shelter-in-Place restrictions until May 3, 2020. Under the new orders, most construction, including residential and commercial, is now prohibited. Healthcare, low income housing, specially designated public works projects, shelters, and temporary housing projects may continue ...
While relief has been granted for federal and California income tax filing and payment obligations (see prior coverage here and here) the same cannot be said for local property tax obligations. To avoid penalties, the next payment deadline for California property taxes remains April 10, 2020. Property tax payment deadlines are set by California state law and cannot be extended by either the Board of Equalization or local county assessor offices (see BOE statement) ...
