Ambassador of the Month Archive

Newsom Lays Out New Economic Recovery Priorities to Help Businesses During Pandemic

Thursday, August 13, 2020

(San Francisco Business Journal) Gov. Gavin Newsom laid out new priorities for how he wants California’s economy to move forward, as businesses struggle and unemployment remains high because of the COVID-19 pandemic. The governor is still watching for the number of hospitalizations and the rate of new COVID-19 cases to lower before the state could reopen some of its business sectors, like indoor dining and bars. The state reported 11,645 new cases on Aug. 11, including 6,212 cases that were part of a backlog caused by an outage in the state’s tracking system earlier this month. Statewide, hospitalizations have dropped about 19.4...

Coronavirus Rebound? House Hunters Making Deals Faster than 2019

Tuesday, August 11, 2020

(Orange County Register) Local house hunters continue to sign to buy at a pace above a year ago, as a summer buying surge follows a historically slow spring. According to weekly data from Zillow, there were 3,717 new pending sales in the four-county Southern California region for the week ended Aug. 1. While that was one new escrow short of the previous week — only the second decline in the past 15 weeks — the buying pace was still 3.4% above the same time in 2019. That’s the fifth week of new deals topping year-ago buying. Despite limited options for house hunters t...

US Employers Post More Jobs in June, Pull Back in Hiring

Tuesday, August 11, 2020

(AP News) U.S. employers advertised more jobs in June compared with the previous month, but overall hiring fell, painting a mixed picture of the job market. The number of jobs posted on the last day in June jumped 9.6% to 5.9 million, the Labor Department said, a solid gain but still below the pre-pandemic level of about 7 million. And employers hired 6.7 million people in June, down from 7.2 million in May, a record high. The figures suggest that restaurants, bars, retail shops, and entertainment venues — businesses that were subject to shutdown orders in April — continued to bring back worker...

US Merchandise Trade Gap Narrows for First Time in Four Months

Thursday, July 30, 2020

(Bloomberg News) The U.S. merchandise trade gap unexpectedly narrowed in June for the first time in four months as exports jumped by the most on record, signaling the pace of global commerce is stabilizing. The overall balance shrank to $70.6 billion last month from $75.3 billion, Commerce Department data showed. The median projection in a Bloomberg survey of economists called for a $75.4 billion shortfall in June. Exports surged 13.9% from May to $102.6 billion, and imports increased 4.8% to $173.2 billion. While the total value of U.S. two-way trade picked up to $275.8 billion, it’s still well below the pre-pandemic peak a...

US Durable Goods Orders Advanced More Than Forecast in June

Tuesday, July 28, 2020

(Bloomberg News) U.S. orders for durable goods rose more than expected in June, led by a spike in demand for motor vehicles and a pickup in business activity more broadly as states reopened their economies. Bookings for durable goods -- or goods meant to last at least three years -- increased 7.3% in June, after a downwardly revised 15.1% surge in May, Commerce Department data showed Monday. The median estimate in a Bloomberg survey of economists called for a 6.9% gain in June. Core capital goods orders, a category that excludes aircraft and military hardware, climbed 3.3%, also more than forecast. The second-straigh...

U.S. Home Sales Rack Up Record Gain; Tight Supply, COVID-19 Seen Slowing Momentum

Wednesday, July 22, 2020

(Reuters) U.S. home sales increased by the most on record in June, boosted by historically low mortgage rates, but the outlook for the housing market is being clouded by low inventory and high unemployment amid the COVID-19 pandemic. The report from the National Association of Realtors on Wednesday, which also showed house prices rising to an all-time high last month, confirmed a shift toward bigger homes and properties away from urban centers as companies allow employees flexibility to work from home because of the coronavirus. The upbeat housing market news was overshadowed by a relentless surge in new COVID-19 infections, which has prompte...

U.S. Companies Get Tax Reprieve in IRS Foreign-Income Rules

Tuesday, July 21, 2020

(Wall Street Journal) The Treasury Department relaxed some tax rules on U.S.-based multinational corporations, issuing final regulations that give relief to companies operating in high-tax foreign countries. The final rules gave companies some but not all of what they wanted and will reduce the U.S. tax burden on companies operating in places such as Germany and Japan. The change may encourage them to invest more in such high-tax places, according to an analysis by the Treasury Department and Internal Revenue Service. Companies can now seek retroactive benefits, going back to periods before the proposed regulations came out in June 2019. And they also have somewha...

U.S. Homebuilding Surges as Coronavirus Crisis Sparks Flight to Suburbs, Rural Areas

Friday, July 17, 2020

(Reuters) U.S. homebuilding increased in June by the most in nearly four years amid reports of rising demand for housing in suburbs and rural areas as companies allow employees to work from home during the COVID-19 pandemic. But a resurgence in new coronavirus infections across the country eroded consumer sentiment in mid-July, other data showed on Friday, threatening the nascent housing and economic recovery. Some areas in virus hot spots in the populous South and West regions have either shut down businesses again or paused reopenings. The economy slipped into recession in February. “Homebuilding is coming back at a steady, if unspectacular pace,” sai...

Five Charts Illustrating U.S. Economic Trends Amid the Coronavirus Pandemic

Tuesday, July 14, 2020

(CNBC) As states take differing approaches to re-opening and closing, some parts of the economy continue to see improvement from the start of the pandemic while others continue to struggle. Some states have instituted mask mandates and other measures, such as closing indoor bar service, amid rising coronavirus cases. These five charts illustrate trends in important industries that help track reopening progress in the U.S. Direction requests Data from Apple’s navigation tool, Maps, shows a new dip for walking and driving. Compared to last week, walking and driving have decreased in lockstep from the summer high, both still have requests higher than pre-pandemic levels. Transit directions ha...

California Gov. Gavin Newsom Signs $202 Billion Pandemic Budget

Wednesday, July 01, 2020

(Sacramento Bee) California Gov. Gavin Newsom signed a $202 billion budget June 29 with emergency pandemic funding, expanded unemployment aid and billions of dollars in cuts forced by the coronavirus-caused recession. The budget that takes effect July 1 assumed a $54 billion deficit brought on by the COVID-19 pandemic and Newsom’s March stay-at-home order, which halted much of the state’s economy. “In the face of a global pandemic that has also caused a recession across the world and here in California, our state has passed a budget that is balanced, responsible and protects public safety and health, education, and services to Californians facin...

Gov. Newsom Orders Indoor Restaurants, Wineries, Movie Theaters to Close in Most of CA

Wednesday, July 01, 2020

(ABC7) Editor's note: Irvine's Al Fresco campaign lists restaurant and retail centers in the city that offer outdoor dining. Gov. Gavin Newsom announced the return of some stricter restrictions amid a concerning surge of coronavirus cases and hospitalizations. Effective immediately, California is instructing certain sectors to close indoor operations for all counties that have been on the state's watch list for three consecutive days. The affected sectors are: restaurants, wineries, movie theaters, family entertainment centers, zoos, museums and cardrooms. Those businesses can still operate outdoors. That applies to 19 counties which represent more than 70% of the state's population and include several counties in Southern California. Los Angeles, Orange...

US Consumer Spending Up 8.2%, Partly Erasing Record Plunge

Monday, June 29, 2020

(AP News) American consumers increased their spending by a record 8.2% in May, partly erasing huge plunges the previous two months, against the backdrop of an economy that’s likely shrinking by its steepest pace on record this quarter. Last month’s rebound in consumer spending followed record spending drops of 6.6% in March and 12.6% in April, when the viral pandemic shuttered businesses, forced millions of layoffs and sent the economy into a recession. Since then, many businesses have reopened, drawing consumers back into shops and restaurants and restoring some lost jobs. A recent Commerce Department report showed that Americans stepped up their spendin...

Bryan Starr Touts Irvine’s Resilience in Irvine Standard

Wednesday, June 24, 2020

(As published in the Irvine Standard) Strong communities are made up of resilient and innovative individuals and businesses – those that courageously continue to work to find solutions, especially during times of crisis. Irvine is perhaps better positioned to weather disruptions caused by the coronavirus pandemic than any other city. The visionary Irvine Master Plan, established 60 years ago, and responsible city management throughout our city’s history has laid the groundwork for the best possible outcome of these unprecedented circumstances. World-Class Health Care Irvine is further bolstered by world-class health care institutions and medical personnel – all that are addressing COVID-19 and coming u...

Small Business Administration Updates: Disaster Loan Portal, Paycheck Protection Form

Wednesday, June 24, 2020

(CalChamber) The U.S. Small Business Administration (SBA) announced that it has reopened the portal for eligible applicants hurt by COVID-19 to apply for the Economic Injury Disaster Loan (EIDL) and the EIDL Advance program. The SBA, in consultation with the U.S. Treasury Department, also posted what it described as a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application and an EZ version. Disaster Loan/Advance The SBA said it has improved the EIDL application and loan closing process, including new technology and automated tools. The EIDL loans of up to $2 million are available to small businesses, private nonprofit organizations, and small agricultural and aquacultura...

CA Tourism Industry Preparing Itself for Recovery

Monday, June 22, 2020

(CalChamber) The COVID-19 crisis has snuffed out 10 years of economic growth in California’s travel and tourism industry. The fallout from this crisis is not only unprecedented, but estimated to cost the state $72.1 billion in visitor spending this year and 613,000 tourism jobs last month alone. However, the tourism economy also offers a path to recovery. In 2019, visitors spent $144.9 billion in California, according to Visit California’s latest economic impact report. That spending supported 1.2 million jobs throughout the state and $12.2 billion in tax revenues for state and local jurisdictions and was among the top three sources o...

California Budget Approved by Assembly and Senate, Awaiting Gov. Newsom's Green Light

Wednesday, June 17, 2020

(KCRA) It's been nearly 24 hours since the California Assembly and Senate passed next year's budget. The budget is now on Gov. Gavin Newsom’s desk. However, there are many hurdles ahead before Newsom will approve the budget. California is still waiting to find out how much money there will be to spend. The proposed budget relies heavily on federal assistance to help overcome California’s more than $54 billion deficit. The COVID-19 pandemic triggered a recession not only in the state, but across the country. The recession is now forcing lawmakers to make cuts in order to balance the state budget. While the proposed budge...

Retail Sales Bounce Up 17.7% After Record Drop As States Reopen

Tuesday, June 16, 2020

(CapRadio) As more states and cities allowed restaurants and shopping centers to reopen, U.S. retail spending swung big in May, climbing 17.7%, the U.S. Commerce Department said. Major stock indexes rose after the report was released. Spending is still down 6.1% from a year earlier because of the Coronavirus pandemic. And economists warn of a long and uncertain recovery. But May's upswing follows a record historic collapse in March and April, when retail spending nose-dived as people avoided outings for food or shopping, especially for clothes and furniture. Retail sales — a measure that includes spending on gasoline, cars, food, and drink &mdash...

SBA’s Economic Injury Disaster Loans and Advance Program Reopened to All Eligible Small Businesses and Nonprofits Impacted by COVID-19 Pandemic

Tuesday, June 16, 2020

To further meet the needs of U.S. small businesses and nonprofits, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19 today. “The SBA is strongly committed to working around the clock, providing dedicated emergency assistance to the small businesses and nonprofits that are facing economic disruption due to the COVID-19 impact. With the reopening of the EIDL assistance and EIDL Advance application portal to all new applicants, additional small businesses and non-profits will be able to receive these long-term, low-interest loans and emergenc...

US Postal Service Would Get $25 Billion Lifeline Under Request Led By OC Rep. Mike Levin

Tuesday, June 16, 2020

(Orange County Register) The struggling United States Postal Service could get a $25 billion lifeline if the Senate approves an emergency funding request from a bipartisan group of 137 House members, led by Rep. Mike Levin of Orange County. The federal bailout, which could be voted on as early as this week, is needed to offset losses triggered by the Coronavirus pandemic, which postal officials say will total more than $22 billion over the next 18 months and could force the 245-year-old agency to close for good. “If Congress is unable to preserve this critical institution, it will severely impact our way o...

California Coronavirus Surge Tied to Increase In Testing, Not Reopening Businesses, Official Says

Monday, June 15, 2020

(LA Times) California continues to see big increases in Coronavirus cases as its death toll approaches 5,000, causing alarm from some as the state continues to reopen its economy. But are caseloads the best measure of how well California is controlling COVID-19? Not necessarily, one of California’s top health officials said as he announced a new round of businesses that are eligible for reopening, including nail salons. The move came as the state reported two consecutive record single-day increases in coronavirus cases, logging 3,620 new cases June 11 and 3,644 June 12. Los Angeles County, which remains California’s leading virus hot spot, recorded 1,84...

California Lawmakers Take Up Budget in Tense Economic Times

Monday, June 15, 2020

(AP News) The California Legislature will meet June 15 to pass a budget for these uncertain times, without knowing how much money they have to spend and without an agreement with Gov. Gavin Newsom, whose veto pen could force lawmakers to start over. The result will be a speculative spending plan that leaves cash-strapped local governments and public school districts hanging as they await their fate in a budget that must somehow cover a deficit the governor’s office has estimated at $54.3 billion. The nation’s most populous state — with an economy larger than most countries — is notorious for drawn-out budget battle...

California to Allow Nail Salons to Reopen Starting June 19

Monday, June 15, 2020

(AP News) Some Californians will again be able to get a manicure, a new tattoo, or enjoy a massage starting late next week under new state guidance issued June 12. But studios and salons won’t look the same when they do open. Workers and customers must wear face masks, adopt far more intense cleaning practices for shared reusable items like tweezers, and the services will be limited — no mouth or nose tattoos or piercings for now. The guidance on nail salons has been highly anticipated. The Professional Beauty Federation of California sued the state in May to reopen hair and nail salons...

California’s Gas Tax Going Up Again—Amid Coronavirus, Some Say Now Is Not the Time

Monday, June 15, 2020

(LA Times) California’s gas tax is set to increase July 1, but some lawmakers are calling for a freeze on the higher levy, citing the financial burden of the coronavirus-spawned recession on millions of the state’s residents. The automatic increase pegged to inflation — the third increase in the last four years — comes as a long-simmering dispute over the gas tax law enacted three years ago has again flared up at the state Capitol. The tax is set to increase by 3.2 cents, to 50.5 cents per gallon, and state officials estimate it will bring in an additional $440 million to stat...

EU Challenges China’s Trade Expansion With Landmark Tariff

Monday, June 15, 2020

(Bloomberg) The European Union fired a warning shot at China over its global trade ambitions with an unprecedented tariff decision to counter Chinese subsidies to exporters. For the first time, the EU took aim at alleged market-distorting aid granted by a country to exporters located in another state. To date, such European duties have focused only on subsidies provided by the country where the exporters are based. “It’s a landmark case that could lead to many more similar ones,” said Agatha Kratz, an associate director at Rhodium Group who leads research on EU-China relations and Chinese commercial diplomacy. “Chinese state support is i...

California Public Health Officials Provide COVID-19 Update

Tuesday, June 09, 2020

The California Department of Public Health announced the most recent statistics on COVID-19. California has 122,901 confirmed cases and 4,485 deaths. To date 2,238,463 tests conducted in California, with an increase of 55,792 tests over the prior 24-hour reporting period. As testing capacity continues to increase across the state, an increase in the number of positive cases has been expected. However California remains in the range of stability for case positivity rate and COVID-19 related hospitalizations. Despite increased testing and the reopening of certain sectors of the economy, California’s case positivity rate is at 4.5% and the number of hospitalizations has decrease...

Irvine Co. Presses on with Development

Tuesday, June 09, 2020

(Orange County Business Journal) Irvine Co. has been Orange County’s most active commercial developer the past year and over the past decade. Don’t expect that to change in the next year. The Newport Beach-based firm still appears full speed ahead with a pair of office projects in the Irvine Spectrum area totaling close to 900,000 square feet. The second phase of the firm’s Spectrum Terrace office project, a three-building, roughly 345,000-square-foot collection of high-end buildings, has seen steady work over the past few months with a heavy base of workers—all practicing social distancing and other safety measures. A few miles away, near the intersectio...

Trouncing Expectations by 10 Million Jobs, the Labor Market’s Comeback Has Begun

Tuesday, June 09, 2020

(The White House) The Bureau of Labor Statistics’ May Employment Situation report shows that the United States economy added 2.5 million jobs last month, and the unemployment rate fell from 14.7% to 13.3%. Employment increased significantly in leisure and hospitality (1.2 million), construction (464,000), education and health services (424,000), retail trade (368,000), and manufacturing (225,000). These job gains surprised forecasters, given many states were only beginning to reopen their economies during the reports’ survey reference periods (the week/pay period that includes May 12). The median of all private-sector forecasts predicted 7.5 million job losses in May and an unemployment rate of 19.2%. Rapid jo...

US-United Kingdom Trade Discussions Feature First-Ever Virtual Negotiations

Tuesday, June 09, 2020

(CalChamber) This spring marks 75 years since the end of battles in Europe in World War II. Since 1945, transatlantic cooperation has been all important for the nation’s peace, democracy, shared values of freedom and the rule of law. The United States maintains a deep trade and investment relationship with the United Kingdom, which officially left the European Union on Jan. 31, 2020. Now that the two countries are able to enter into a formal free trade agreement (FTA), negotiations are underway and a second round is scheduled to begin the middle of June. The California Chamber of Commerce believes strengthening economic tie...

California Posts Guidelines for Gyms, Bars, Hotels, Camps to Reopen As Soon As June 12

Monday, June 08, 2020

(CalMatters) After months spent in various stages of lockdown, California’s economy cracked open a little bit further today with the state announcing a series of new check-lists for counties hoping to get bars, sit-down restaurants, gyms, hotels, summer camps, and bowling alleys up and rolling again as early as June 12. The new “Phase 3” guidelines serve as rough how-to guides for areas of the state that are deemed ready to reopen by state health authorities, based on levels of COVID-19 transmission, testing capacity and other metrics. Though the new “guidances” recommend that counties open “no sooner” than June 12, Sonia Angell, directo...

The New Paycheck Protection Program Flexibility Act Signed Into Law

Monday, June 08, 2020

(Forbes) As of June 5, the Paycheck Protection Program Flexibility Act (PPPFA) is now law. Among other things, the Act makes it easier for recipients of Paycheck Protection Program (PPP) loans to qualify for forgiveness. That’s important to the millions of small businesses that received PPP loans. Here are some of the changes. The new law in its entirety can be viewed here. Covered Period Extended First, and probably the most important news is that borrowers now have more time to spend the loan proceeds. Before the PPPFA, spending had to occur within the “covered period” (eight weeks) of the receipt of the loan proceeds. That put a lot of pressure on businesses to make sure th...

City of Irvine Launches Small Business Support Program

Wednesday, June 03, 2020

The City of Irvine today launched the Small Business Support Program to mitigate the financial impact of COVID-19 on local small businesses. Businesses located in Irvine with 25 or fewer employees are eligible to apply. Funding for the program comes from a $5 million grant from the County of Orange, through the federally approved CARES Act. The Irvine City Council voted to implement the program at a special meeting on May 29, just days after the Orange County Board of Supervisors approved funding for districts. Businesses that meet the program’s criteria can apply for one-time grants in the amount of $10,000. The grant applicatio...

Canada Ranks as Fourth Largest Source of FDI in California

Tuesday, June 02, 2020

World Trade Center Los Angeles has released its annual foreign direct investment (FDI) research, authored by MAPLE Business Council. This fifth edition includes data for the entire state for the first time. Overall the strength of Canada's investment in Southern California and across the entire state underlines the importance of our focus on recognizing and growing our economic ties together especially as we consider that California is the fifth-largest economy in the world. On a state-wide basis, Canada ranks as the fourth-highest investing nation in California. Top 5: Japan, the U.K., France, Canada, Germany Canadian FDI accounts for 61,841 jobs, which is 8.5% of all FO...

Edwards Adds Another Office to Portfolio

Tuesday, June 02, 2020

(Orange County Business Journal) Edwards Lifesciences Corp., Orange County’s largest publicly traded company, has added another office building to its rapidly expanding headquarters campus. The medical device maker recently completed the purchase of 3009 Daimler St., a roughly 52,000-square-foot building that sits on the Santa Ana side of Alton Parkway, near Red Hill Avenue. Edwards’ main campus is in Irvine. $65M+ of Deals Edwards makes products for treating structural heart disease, specializing in artificial heart valves, as well as critical care and surgical monitoring devices. It’s valued at nearly $45 billion; its shares are up some 30% over the past year. It has been an activ...

City of Hope Completes Irvine Land, Office Buy

Friday, May 29, 2020

(Orange County Business Journal) City of Hope’s plans for building a comprehensive cancer center at Irvine’s Great Park Neighborhoods took a big step forward after it completed the acquisition of property at the city’s FivePoint Gateway office campus. City of Hope, a research and treatment center for cancer, diabetes, and other life-threatening diseases with its main campus in Duarte, bought a 190,000 square foot, four-story building at the Irvine site, and 11 acres of adjacent land. A deal had been in the works for over a year. The final price comes out to $108 million, according to Irvine’s FivePoint Holdings LLC, the maste...

Rules for Reopening California Fitness Centers to be Announced Soon

Friday, May 29, 2020

(LA Times) Gov. Gavin Newsom on May 27 said his administration will release guidelines “in a week or so” for allowing gyms, yoga studios, and other fitness facilities to reopen, though stringent safeguards will need to be adopted to protect customers from the COVID-19 pandemic. Newsom cautioned that the state directives will be tailored to the unique characteristics of each business, from large fitness chains to small studios, and will rely heavily on the advice of public health officials in each county. The governor made the comments during an online roundtable with fitness professionals and business owners, saying he hopes to allow the...

CA Hair Salons, Barbershops Can Open With Modifications, Gov Says

Tuesday, May 26, 2020

(Patch) Though the state remains in stage 2 of California's reopening plan, Gov. Gavin Newsom announced that hair salons and barbershops may now open back up in those counties already approved for "accelerated reopening." Those facilities had previously been classified as a stage 3 step. Accelerated reopening refers to those counties that have provided attestations that they are ready to move beyond stage 2 by meeting specific criteria previously laid out by the state. As of May 26, 47 of 58 counties had met that criteria to receive a regional variance, Newsom said at a media briefing. After mentioning that there have been more tha...

Orange County is Built for Resilience

Tuesday, May 26, 2020

By Bryan Starr, President & CEO, Greater Irvine Chamber | Published in the May 25 issue of the Orange County Business Journal By many estimates, California is better positioned for economic recovery as we emerge from the Coronavirus crisis than any other state in the nation. While the state isn’t quite yet out of the woods, Orange County itself is ready to open. Monitoring trend lines of the disease to determine when and how to reopen business is a smart strategy. How we will fare is not purely a numbers game, however. Where the Golden State really shines—always, but particularly in times of crisis—i...

You Can Shop Anywhere in California, State Officials Relax Coronavirus Restrictions

Tuesday, May 26, 2020

(Sacramento Bee) The California Department of Public Health (CDPH) announced that retail stores statewide can now open for in-store shopping as long as they follow state guidelines to reduce the risk of COVID-19 infection for workers and customers. State health officials also announced guidelines for in-person protests and events designed for political expression. Gov. Gavin Newsom’s office has faced protests regarding the stay-at-home order, which has been in place since March 19. The vast majority of large gatherings remain prohibited under the state’s stay-at-home order. The guidance for protests limits attendance to 25% of an area’s maximum occupancy, or up to 100 attendees, accordin...

ReOpen OC Safely

Wednesday, May 20, 2020

Requirements and Best Practices for Reopening Your Business Safely and Within Current Guidelines GENERAL GUIDELINES ReOpen OC Safely was developed by the Greater Irvine Chamber in collaboration with Orange County Business Council, North Orange County Chamber of Commerce, Anaheim Chamber of Commerce, Santa Ana Chamber of Commerce, and Visit Anaheim as a resource to prepare to safely reopen for business as the county continues to respond to the COVID-19 crisis. The State of California has issued stay-at-home orders to combat the spread of the Coronavirus, but is slowly reopening business segments, subject to restrictions, with modified operations. Learn more here. Regardless of your industry sector...

California, Western State Allies Forging Their Own Paths in Coronavirus Crisis

Tuesday, May 19, 2020

(San Francisco Chronicle) When Gov. Gavin Newsom laid out ground rules that would allow counties with few coronavirus cases to move faster than the state to reopen their economies, he credited Colorado and Oregon with the idea. “They quite literally — that’s a proof point of the work they were doing in this space — helped guide and advance our work that we are putting out,” Newsom said during a May 4 news conference. The plan was the product of conversations between five Western states’ governors who formed one of several interstate pacts that are coordinating regional responses to the coronavirus pandemic. Bu...

More Important Than Ever: Maintaining and Improving Free Trade, Investment

Tuesday, May 19, 2020

(CalChamber) The world has quickly changed over the last few months and during these strange and uncertain times, the importance of international trade has been on display across the world. Supply chains have been put to the test and global connectivity has proven vital in quickly securing much-needed supplies to fight the COVID-19 pandemic around the world. The World Trade Organization (WTO) stated in an April 2020 report that it expects world trade to fall drastically by between 13% and 32% in 2020 as normal economic activity and everyday life has been disrupted by the pandemic. The WTO expects a recovery i...

Newsom Eases California Reopening Rules, Allowing More Counties to Restart Their Economies

Tuesday, May 19, 2020

(Los Angeles Times) Acknowledging that more California communities are in a position to slowly reopen businesses, Gov. Gavin Newsom loosened rules linking coronavirus infection rates to allowed activities — a change that could release most parts of the state from the tightest restrictions of his stay-at-home order. “We recognize the conditions across the state are unique and distinctive depending where you are,” Newsom said. “The bottom line is people can go at their own pace and we are empowering our local health directors and county officials that understand their local communities and conditions better than any of us.” The decision by Newsom come...

Burnt Crumbs and Burntzilla In Irvine Have Reopened for Takeout

Wednesday, May 13, 2020

(Orange County Register) Soufflé pancakes and the Spaghetti Grilled Cheese Sandwich are back. Chef-owner Paul Cao has decided to reopen Burnt Crumbs and its sister restaurant Burntzilla for takeout after a temporary closure which began in April. Last weekend, Burnt Crumbs Irvine began serving weekend brunch, and on May 11, the restaurant began serving an all-day menu including Spaghetti Grilled Cheese, Southern Fried Chicken Sandwich, Nashville Hot Chicken, Smashed Onion Burger, Carne Asada Salad, fries and chips. Soufflé pancakes will only be served on the weekends. The restaurant will also offer “Grab & Go Frozen Meal Toppers” such as Chicken Pot Pie Chowda...

Gov. Newsom Releases Guidelines to Reopen Dine-In Restaurants, Malls, Offices And More In California

Wednesday, May 13, 2020

(ABC News) Gov. Gavin Newsom announced modifications to the statewide stay-at-home order to allow more businesses in California to reopen, including dine-in restaurants, shopping malls, and offices. In order to open for sit-down or dine-in service, restaurants must: Have disposable menus or post menus online so diners can view them on their own devices Cutlery, napkins, and cups should not be "pre-set" on the table before diners sit down Avoid use of shared condiments (salt shakers, ketchup, etc.) Pre-roll utensils in napkins before giving them to customers Takeout containers for leftovers must be filled by customers (not kitchen or wait staff) Thoroughly clean tables, chairs, etc. after eac...

NAFTA Ends June 30, USMCA to Start July 1

Wednesday, May 13, 2020

United States Trade Representative Robert Lighthizer recently issued a press release indicating that the United States will implement the US-Mexico-Canada Agreement (USMCA) starting July 1. As a consequence, the North American Free Trade Agreement (NAFTA) will effectively end June 30. While importers who have not claimed NAFTA on their July 2019 through June 2020 shipments will remain able to file post-entry claims for refunds based on NAFTA until June 30, 2021, the announcement means that starting July 1, 2020, importers must be ready to claim USMCA by using the newly created "S" special program indicator (SPI) on their U.S. Customs and Border Protection (CBP) 7501 form...

Orange County Meets Some State Criteria for Reopening Faster, Falls Short On Others, Officials Say

Wednesday, May 13, 2020

(Orange County Register) As Orange County prepares for a partial return to public life and activities, county officials say they’re already meeting some state benchmarks that would allow them to accelerate the reopening of businesses and resuming public gatherings. But the county falls short in other areas, and officials said some criteria that may work for smaller, rural counties are unrealistic for denser, more urban ones like theirs as the coronavirus outbreak continues. County supervisors got a full rundown on Tuesday, May 12, on where they stand with respect to the markers Gov. Gavin Newsom announced recently, and they talked about seeking change...

California Department of Health, OSHA Issue Guidelines for Reopening Dine-In Restaurants, Shopping Centers

Tuesday, May 12, 2020

As stay-at-home orders across the state, put in place to slow the spread of Coronavirus, are being modified, the California Department of Public Health and the California Devision of Occupational Safety and Health recently issued new guidlines for the reopening of dine-in restaurants and shopping centers. The documents provide guidance for dine-in restaurants, brewpubs, craft distilleries, breweries, bars, pubs, wineries, shopping malls, destination shopping centers, strip and outlet malls, and swap meets to support a safe, clean environment for workers, customers, and the public. View the Dine-In Restaurant Guidance document here. View the Shopping Center Guidance document here.

Newsom Joins Four Governors In Seeking $1 Trillion In Federal Relief For All States

Tuesday, May 12, 2020

(LA Times) California Gov. Gavin Newsom and his counterparts in four Western states asked Congress for $1 trillion in COVID-19 pandemic relief for all states and local governments. Newsom joined with the governors of Oregon, Washington, Nevada, and Colorado, as well as legislative leaders from the five states, in asking the House and Senate for the aid. The governors said the funds would be critical for public health programs, law enforcement and schools. “Without federal support, states and cities will be forced to make impossible decisions — like whether to fund critical public healthcare that will help us recover, or prevent layoffs o...

For Malls and Others, Reopenings in Limbo

Monday, May 11, 2020

(Orange County Register) Macy’s, Kohls, and Nordstrom are sanitizing their stores and getting ready for customers as some of the nation’s businesses start to thaw after two months in a coronavirus deep freeze. And new rules Gov. Gavin Newsom unveiled May 7 outline parameters for how California businesses like restaurants, tanning salons, and stores may soon be joining them. But don’t make plans to visit Southern California’s shopping malls anytime soon. There’s a long laundry list of benchmarks California counties must meet to reopen ahead of a yet-to-be-announced statewide schedule. And, so far, Southern California counties fail to meet the two biggest criteria righ...

West Coast Organizations Promote Trade to Fuel Economic Recovery

Tuesday, May 05, 2020

(CalChamber) The California Chamber of Commerce, the Pacific Northwest International Trade Association, and the Washington Council on International Trade shared their support and principles for trade rebound this week in Pacific Northwest International Trade Associationa joint letter to President Donald J. Trump with copies to U.S. Trade Representative Ambassador Robert Lighthizer, and the congressional delegations of California, Oregon, and Washington. As the U.S. economy slows, it is critical that international trade and investment opportunities are expanded, market access for domestic products abroad are promoted, and disincentives that impede the global competitiveness of U.S businesses and farmers are eliminated. California, Oregon, and Washington ar...

Column: Give Newsom Credit. He’s Trying It All to Fight Coronavirus and California’s Economic

Thursday, April 23, 2020

(Los Angeles Times) Gov. Gavin Newsom has been throwing lots of stuff on the wall and hoping it sticks — sort of like FDR during the Great Depression. No, I’m not really equating Newsom with Franklin D. Roosevelt, the greatest president of the 20th century. For one thing, Roosevelt was one of history’s most inspiring and comforting orators. Newsom tries, but he’s long-winded, repetitive and jargon-prone: “Meet this moment.” “In real time.” But California’s governor deserves lots of credit for — like Roosevelt — trying many things as the state staggers through a health pandemic and economic collapse. Newsom is announcing a new projec...

Six Factors Will Determine When California’s Economy Can Begin to Reopen

Wednesday, April 15, 2020

Governor Gavin Newsom outlined the six key indicators that will guide California’s decision on when to modify stay-at-home orders and slowly begin reopening the state’s economy. The Governor noted that the progress in flattening the curve, increased preparedness of the state’s health care delivery system and the effects of other COVID-19 interventions have yielded positive results. These actions, however, have also affected the economy and poverty in California, with 2.3 million unemployment claims filed in the last four weeks alone. Any consideration of modifying the stay-at-home order must be done using a gradual, science-based and data-driven framework, Newsom said. California Chamber of Commerc...

This Is Where All 50 States Stand on Reopening

Wednesday, April 15, 2020

Editor's note: Due to an error in another story, here is information on digital export documentation of Certificates of Origin, Free Sale, and Good Manufacturing Practices, that are now available through the Greater Irvine Chamber’s online processing service. Create an account here. Full story here. This Is Where All 50 States Stand on Reopening the Shelter-in-Place Order: More than 90% of the U.S. population is currently under a stay-at-home or shelter-in-place order as the coronavirus pandemic continues to upend life as we know it. But worries for the economy -- and people's mental health -- are raising the question: When will things go back t...

World Trade Organization Annual Report: Trade Numbers Fall

Friday, April 10, 2020

From the April 8 release of the annual World Trade Organization (WTO) report from Geneva, the key message is: “This crisis is first and foremost a health crisis which has forced governments to take unprecedented measures to protect people’s lives,” WTO Director-General Roberto Azevêdo said. “The unavoidable declines in trade and output will have painful consequences for households and businesses, on top of the human suffering caused by the disease itself. “The immediate goal is to bring the pandemic under control and mitigate the economic damage to people, companies and countries. But policymakers must start planning for the aftermath of the pandemic,&rdquo...

California Among the States Least Economically Vulnerable to Coronavirus

Tuesday, April 07, 2020

California is more prepared to weather an economic storm than nearly any other state in the nation. According to a new report from Wallet Hub, California is the second least exposed state in the U.S. to the economic impacts of coronavirus. “California’s increase in the number of unemployment insurance initial claims is among the lowest in the country,” Jill Gonzalez of Wallet Hub, tells GlobeSt.com. “The state also has the fifth largest share of workers with access to paid sick leave, 91%. Another factor that contributed to California’s economy being the second least exposed to the coronavirus is the state’s rainy-da...

Fed Preparing to Finance New Small-Business Payroll Loans

Tuesday, April 07, 2020

The Federal Reserve announced it would create a new program to finance loans that banks and other lenders make through the government’s emergency small-business lending program. The move will free up financial firms to make more loans guaranteed by the Small Business Administration’s Payroll Protection Program (PPP), part of a $2.2 trillion economic relief package President Trump signed last month to help individuals and businesses affected by the coronavirus pandemic. In a statement the Fed said that to facilitate more lending to small businesses, it would establish a facility that offers term financing backed by PPP loans. It said additional details woul...

Passage of $2 Trillion Stimulus Package Will Help Wide Variety of Businesses and Workers

Tuesday, April 07, 2020

Small businesses are a bedrock of American life, employing friends, neighbors, and nearly half of California’s workforce. They aren’t just companies, they are cornerstones of our communities. And with the significant public health and economic effects of the coronavirus pandemic, California’s four million small businesses are being forced to make difficult decisions about how to keep their businesses afloat, their staff employed, and their rents or mortgages covered. As communities work to combat this public health threat together, it’s more evident than ever that the viability of small businesses is critical to America’s families. Last week, Congress passed the Coronavirus Aid, Relief...

Required FFCRA Documentation, Recordkeeping for New Federal Paid Leave (COVID-19)

Tuesday, April 07, 2020

The new Families First Coronavirus Response Act (FFCRA) has dominated employers’ attention with its provisions for emergency paid sick leave and expanded family and medical leave for reasons related to COVID-19, also known as coronavirus. The U.S. Department of Labor (DOL) has been trying to answer employers’ questions leading up to April 1, but one issue that remained unclear was the documentation employers should obtain from employees taking leave under the new law. On April 1, 2020, the same day the FFCRA took effect, the DOL issued regulations that specifically addressed the issue. The new FFCRA regulations require employees to provid...

Larger Businesses Share in CARES Provisions

Monday, April 06, 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act signed by President Donald Trump has provisions to help larger businesses navigate the COVID-19 crisis. Under the CARES Act, the Coronavirus Economic Stabilization Act of 2020 Fund is created for larger businesses, nonprofit companies, states, and municipalities. The $500 billion package includes the following loan and loan guarantee provisions: $25 billion for passenger planes; $4 billion for cargo planes; $17 billion for businesses critical to maintaining national security; and $454 billion for distressed businesses meeting specified criteria, determined by the Secretary of the Treasury. Terms and Conditions No stock or equity buybacks or dividends and other capital distribution...

Big Picture Changes to Unemployment Insurance, Related Benefits under CARES Act

Friday, April 03, 2020

The Coronavirus Aid, Relief, and, Economic Security Act (CARES Act) made sweeping changes and added new benefits to the program, so during the near-term the state Employment Development Department (EDD) will interpret these changes and implement them to provide the new benefits. New Benefit Amount In addition to the normal unemployment insurance (UI) payments (up to $450/week, depending on salary), applicants may receive up to an additional $600/week until July 31, 2020—meaning that workers may receive up to 100% wage replacement. However, EDD’s outdated internal data processing system may hinder its ability to timely change the benefits calculations. As a result, i...

Federal COVID-19 Leaves: Key Points

Wednesday, April 01, 2020

In this episode of The Workplace podcast, CalChamber Executive Vice President and General Counsel Erika Frank and employment law expert James Ward discuss key points and guidelines issued by the U.S. Department of Labor (DOL) on the Families First Coronavirus Response Act (FCCRA), which takes effect today, April 1. Frank points out that the guidelines and requirements surrounding the FCCRA have been changed recently and can be changed at any moment by the DOL. She recommends that listeners regularly visit the DOL website to ensure they have the most up-to-date information. Listeners also can visit calchamber.com/Coronavirus for updates on federal an...

Join the SBA for a Live Economic Injury Disaster Loan and Paycheck Protection Q&A

Wednesday, April 01, 2020

With the Economic Injury Disaster Loan and Paycheck Protection programs available, many businesses have unanswered questions surrounding applications and eligibility. To provide clarity on these new programs, the U.S. Small Business Administration Orange County/Inland Empire is hosting a live, daily Q&A session at 10 a.m. Click here to join the Skype Meeting. Click here for more information.

Octane Has Released its 2019 Impact Report

Tuesday, March 31, 2020

Octane has released its 2019 Impact Report. Orange County has become nationally recognized or creating high-quality ideas, entrepreneurs, and a lifestyle to build sustainable growing businesses. Octane portfolio companies raised a record $337M in 2019, up 57% from 2018. Today, Octane stands at a positive inflection point and is a powerful catalyst to position Southern California for sustained growth of companies, to create high-paying jobs, and to deliver successful financial returns for investors. Additionally, InSoCal, an organization that includes Octane, Connect/SDVG, LAVA, and Alliance for SoCal Innovation, has held multiple events and programs that have pushed innovation further for Southern California, drawing more than 6,000 people from acros...

With $349 Billion in Emergency Small Business Capital Cleared, SBA and Treasury Begin Unprecedented Public-Private Mobilization Effort to Distribute Funds

Tuesday, March 31, 2020

Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Small Business Administration's (SBA) Jovita Carranza and Treasury Secretary Steven T. Mnuchin announced that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need. The CARES Act establishes a new $349 billion Paycheck Protection Program. The Program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed. Banks will likely be ready to receive and process applications by Friday, April 3, but anyone interested in applyin...

SBDC Offers Free Daily Webinar Series

Monday, March 30, 2020

The Small Business Development Center (SBDC) as a resource partner of the U.S. Small Business Administration (SBA), is assisting businesses in identifying the best avenue for sustaining the current global health crisis by hosting a series of free, daily webinars. Available to all small businesses, the webinar series will feature information on the Economic Injury Disaster Loan, Payroll Protection Program, Disaster Bridge Loan, 7a Forgiveness Program, and other funding opportunities for businesses. Click here to register for the daily webinars.

California’s Strong Pre COVID-19 Job Growth Better Positions State for Recovery

Saturday, March 28, 2020

Pre Coronavirus: CA Unemployment Rate Maintains its Record Low The latest employment figures released by the California EDD reiterate one piece of good news: California entered the COVID-19 crisis from a strong position. Together with the federal stimulus, and a return to some degree of normalcy within a couple of months, the economic hardship could be somewhat temporary, with consumption deferred to a later period, according to an analysis released jointly by Beacon Economics and the UCR School of Business Center for Economic Forecasting and Development. However, there could be longer-term hardship if this unprecedented drawdown in consumption endures into the summer. “W...

2020 Market & Economic Update with Christopher Schwarz

Thursday, March 26, 2020

Tune in for an economic update from Christopher Schwarz of UCI Paul Merage School of Business. Stay informed about the current state of the economy and what to expect as we emerge from the Coronavirus crisis.

Existing SBA Disaster Loans to Automatically Defer Through End of 2020

Monday, March 23, 2020

U.S. Small Business Administration Administrator Jovita Carranza announced changes to help borrowers still paying back SBA loans from previous disasters. By making this change, deferments through Dec. 31, 2020, will be automatic. Now, borrowers of home and business disaster loans do not have to contact SBA to request deferment. “The SBA is looking at every option and taking every action to cut red tape to make it easier for small businesses to stay in business. Automatically deferring existing SBA disaster loans through the end of the year will help borrowers during this unprecedented time,” said Administrator Carranza. “Today’s announcement adds ...

Coronavirus: An Economic Look

Wednesday, March 04, 2020

Coronavirus continues to dominate the news, raising concerns among individuals and for our economy. In this episode of The Workplace podcast, CalChamber Executive Vice President and General Counsel Erika Frank is joined by economist Christopher Thornberg, Ph.D, founding partner of Beacon Economics, to discuss the COVID-19 coronavirus and its possible impact on the economy and businesses. Two Economic Impacts There are two places in our economy where the impact of the virus will be apparent and each one needs to be handled differently, Thornberg tells Frank. First, there is a substantial decline in the demand for travel services and basic tourism. “…Airlines, large hotels...

University Lab Partners, Irvine Company, Greater Irvine Chamber Executives Welcome OC’s First Wet-Lab Incubator

Wednesday, March 04, 2020

Celebrating the grand opening of University Lab Partners (ULP), Orange County’s first wet-lab incubator, ULP Founder and President Ken Beall, Irvine Company President Doug Holte, and Greater Irvine Chamber President and CEO Bryan Starr welcomed guests to the Feb. 27 program at UCI Beall Applied Innovation. “University Lab Partners is an important addition to Irvine’s life science and med-tech startup community; it provides a home for early-stage bioscience and med-tech companies that need an environment where they can work to advance their technology forward,” Starr said. “ULP provides a unique opportunity for small companies in these sectors to successfully scale int...

HR Expert Shares Tools for Navigating Coronavirus Impact on Businesses

Monday, March 30, 2020

Tough Times: Real Help Right Now Episode 1 - HR In this series, industry experts in the greater Irvine business community deep dive into real-time, relevant, and essential information for businesses as they react to, respond to, and recover from the current global health crisis. The first episode in the series features human resources expert Brian Montes of Scaleocity Works. Resources: Company Property Policy Template Forgiveable Small Business Loan Information Sheet Sample Furlough Letter Surviving COVID-19 Crisis Presentation

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