Welcome to the first edition of
Working Capital, Mayer Brown s Projects & Infrastructure newsletter. We hope that you find this newsletter a source of relevant information about market developments and Mayer Brown s Projects & Infrastructure Industry Team.
In this edition, we feature:
Interviews with recent laterals Kirsti Massie and Eric Pogue regarding the growing offshore wind industry and the energy transition as well as Mitch Holzrichter on the secondary market for US toll road investments,
Publications drafted by our Mayer Brown attorneys on topics covering Biden s Infrastructure Plan, Energy Regulation, ESG, the Carbon Market and more; and
Recent transactions in The Deal List.
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A recent New York Times article highlights the
challenges oftentimes faced by smaller vendors in large bankruptcy
cases. The article profiles a couple, who owns a warehouse
leased to Brooks Brothers, who were left holding a $240,000 cleanup
fee bill when Brooks Brothers rejected their warehouse lease and
refused to clear the equipment and other materials being
stored. [The New York Times; April 2, 2021]
Bloomberg reports on Alpha Media s lawsuit
against the Small Business Administration based on the
administration s failure to allow for PPP loans to companies in
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In an effort to address the gender pay gap, California Governor
Gavin Newsom signed into law SB 973 on September 30, 2020, which, among
other things, mandates employers to provide new specified data to
the Department of Fair Employment and Housing ( DFEH )
regarding employee pay and demographics of the employer s
workforce.
As a result of the new law, any employer with 100 or more
employees at least one of whom is in California was
required to submit a California Pay Data Report on or before March
31, 2021, and each year thereafter. The California Pay Data Report
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March 31, 2021 marked the sunset on a presidential proclamation
that suspended four visa categories of substantial importance to US
employers: H-1B, L-1, H-2B, and certain J-1 visas. In effect since
June 24, 2020 and initially scheduled to expire on December 31,
2020,
Presidential Proclamation 10052 was extended by former
president Trump through March 31, 2021 and left to expire by
President Biden. President Biden s approach to let the
nonimmigrant visa ban run its course is different than his action
to rescind
Presidential Proclamation 10014, which suspended the issuance
of new immigrant visas to applicants outside the United
The American Jobs Plan
On March 31, 2021, the Biden administration released the
American Jobs Plan (the Infrastructure Plan ), which is
a proposal that, if ultimately enacted, aims to modernize outdated
infrastructure, create additional jobs and increase the United
States global competitiveness. While much of the
Infrastructure Plan describes areas in need of capital allocation,
it contains numerous tax-related references, many of which could
impact the energy industry.
Encouraging investment in electric
vehicles ( EVs )
The Infrastructure Plan includes provisions to spur domestic
supply chains and the production of raw materials to support
American workers making batteries and EVs, and would provide
consumers point-of-sale rebates and tax incentives to buy