Your Essential Guide to Essential Services Law and Practicing Law in the age of COVID-19

Описание: This program will go over recently introduced emergency legislation that governs essential services industries. We will also discuss advising small businesses on matters such as health and safety guidelines as well as loan and grant eligibility. Also we will discuss the new ethics issues at play that come up practicing law during this time.

THIS PROGRAM WITH THE MCLE CREDIT: https://bhba.inreachce.com/Details/In...

What business is essential? The Economic Landscape under COVID-19. More than 4 in 10 adults say they or someone in their household has lost a job or taken a pay cut due to COVID-19. US Unemployment rate. Employment in total nonfarm. Over-the-month change, March 2020. Industries Most Affected: Leisure & Hospitality, Education & Health Services, Professional Services, Retail.
Participation in industry by age. Change in Median Net Worth, relative to 2007 (each age group’s median net worth in 2010, 2013, and 2016 was compared to the same age group’s respective level in 2007).
Median age of US homebuyers from 31 to 47 (+8 years rise in median age since the financial crisis
of 2007-2008).

PPP, EIDL, SBA, and the CARES Act.
Paycheck Protection Program expanded $349 billion + $310 billion.
Economic Injury and Disaster Loan expanded $562 billion + $60 billion.
Max Loan Down from $2M to $150k.

The Coronavirus Aid, Relief, and Economic Security Act: Direct Payments, FPUC, Payroll Taxes, Use of Retirement Funds, 401(k) Loans, RMDs Suspended, Charity, Small Business Relief, Net Operating Losses, Excess Loan Limitations, Interest Expense Limitation, Large Corporations, Hospitals and Heath Care, Coronavirus testing, States and Local Governments, Agriculture.
Unemployment, Furloughs,and Compassionate Layoffs.

California unemployment insurance. A joint state-federal program that provides cash benefits to eligible workers who are unemployed through no fault of their own. Benefits are based on a percentage of your earnings over a recent 52-week period. California lost 3.6 million jobs, about 18.8% of our labor force. We rank 15th among the other states in the nation. Economists estimate that in April we reached a 16.1% unemployment rate.

Furloughs. What is a furlough? A furlough generally refers to a mandatory period of time off work without pay initiated by the employer and intended to be a temporary or limited duration. An employer may use a furlough rather than a permanent layoff or termination because the business downturn is expected to be temporary. Typically health care benefits are still paid by the employer.

Compassionate Layoffs. Seven Steps for Compassionately Laying off your staff:
1) Be Transparent
2) Be Ready
3) Have a Process
4) Rely on Experts
5) Use a Scalpel, not a Hammer
6) Keep the Keepers
7) Invest Accordingly

Compassionate Layoffs. For many, unemployment compensation may be higher than regular wages. In California, those making $54,000 a year or less are benefiting from a higher unemployment payout. California Maximum Weekly payout:
$ 450 California Unemployment.
600 Federal Pandemic Unemployment Compensation (FPUC).
$ 1,050 Maximum Benefit per Week.
That’s $26.25 an hour, or $54,600 annualized.
Comparison of Compensation Unemployed vs. Employed.
Update on California’s Pandemic Roadmap. What does Stage 2 mean? Gradual Move to Stage 2.
Industry Guidance.

Speakers:

Allison B. Margolin, Esq., Partner | Margolin & Lawrence
James Raza Lawrence, Esq., Partner | Margolin & Lawrence
Jeremy J. Salvador, CFE, CFS, CFC, CTC, CAC, CCC, RFI, CIFA, ASBC, Miod & Company, LLP

Program materials:
https://drive.google.com/file/d/19TiY...
https://margolinlawrence.com/webinar-...

CATEGORY: Law Practice Management & Technology

Join Beverly Hills Bar Association: https://bhba.org/join/

#BHBA #LegalUpdate #COVID19 #MCLE

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DISCLAIMER: The information in this video is not a legal advice, not a legal counsel, and may not be relevant in various territories and/or jurisdictions. As the laws change often, the information in this video may not be relevant at some point of time. No attorney-client relationship is formed by use of this video. The information in this video is for general purposes only.