As California employers endure the economic slowdown and impact of State and local isolation orders, they must also act swiftly to update employment policies and practices based on a series of new laws enacted at the Federal, State and local levels. These laws focus on worker protections and requirements for additional paid leave. However, certain provisions also afford important rights, benefits and options to eligible employers, including potential tax credits, refunds and preferential borrowing. Parker Milliken’s labor and employment department is closely following all developments relevant to employers, which include but are not limited to: California Executive Order N-33-20 &
Read More

As a result of COVID-19, significant legislation, executive orders, and local ordinances have been issued greatly affecting lenders in general, as well as lenders that specialize in lending to specific sectors of the economy. For example, recent developments arising from COVID-19 have both direct and indirect impact on multifamily lending. In fact, the “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act”, signed into law on March 27, 2020, has at least two separate sections that may directly impact multifamily lenders. The following is a very condensed summary of the recent legislative and executive actions arising in response
Read More

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Among the provisions of this wide-reaching legislation designed to address the COVID-19 pandemic are several which directly impact financial institutions, including: The Payment Protection Program is implemented under the Small Business Act and provides for fully guaranteed loans through December 31, 2020 to businesses with 500 or fewer employees, who were in operation as of February 15, 2020 and adversely affected by COVID-19, to maintain, among other things, payroll, mortgage payments, lease payments, and utility payments. The program is available to
Read More

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Among the provisions of this wide-reaching legislation designed to address the COVID-19 pandemic, the CARES Act provides increased loans and loan guarantees for small businesses. While the details of the newly approved loans and loan guarantees are complicated, the following provides a condensed summary of these loan programs. Small Business Administration Loans In the Keeping American Workers Paid and Employed Act (KAWPEA) [Sections 1101 et seq. of the CARES Act], Congress appropriate $349,000,000,000 for small business loans. These small business loans
Read More

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). While much of the CARES Act focuses on providing economic relief to individuals and businesses impacted by COVID-19, certain provisions of the Act will have direct and indirect impacts on real estate holdings. The following provides a summary of the key provisions that will impact real estate holdings: [Section 2307] The CARES Act provided a much needed technical amendment to Internal Revenue Code section 168, by providing that a “qualified improvement property” will now have an intended 15-year life rather than
Read More

Having supported our clients through good times and bad for well over 100 years, Parker Milliken remains dedicated to keeping its clients informed of any significant changes in the national, state and local laws caused by COVID–19 and assisting our clients with the development of new and creative strategies. Many challenges have arisen due to isolation precautions issued throughout the State of California and the nation, as well as the resulting tidal wave of new rules, regulations and ordinances being issued almost daily. These widespread changes affect such areas as commercial loan production, litigation, work-outs, evictions and foreclosure, and bankruptcy.
Read More

Having supported our clients through good times and bad for well over 100 years, Parker Milliken remains dedicated to keeping its clients informed of any significant changes in the national, state and local laws caused by COVID–19 and assisting our clients with the development of new and creative strategies. This update focuses on the impact that COVID-19 has had and will continue to have on commercial evictions. As must people know from the media coverage, last week President Trump ordered the suspension of all evictions and foreclosures for all properties owned by the United States Department of Housing and Urban
Read More