Many enterprise homeowners are struggling to maintain their companies afloat and are at present making powerful choices about layoffs. My legislation agency has been advising dozens of small enterprise homeowners and startups on how you can navigate the continued fallout from COVID-19.
Listed here are six ideas which have helped a few of our purchasers climate the storm and may be useful to your enterprise:
1. Test in along with your insurance coverage dealer.
Test in along with your insurance coverage dealer to see in case your coverage contains enterprise interruption protection or different provisions to assist your enterprise throughout this tough time. As well as, your insurance coverage dealer may have suggestions on what sort of insurance coverage it is best to have transferring ahead.
Your insurance coverage needs to be personalized to your enterprise, which has seemingly modified dramatically. For instance, in the event you lately laid off staff, you may not want as a lot employee’s compensation protection. Nevertheless, you may want new varieties of protection as a result of your enterprise has seemingly modified the way it offers its services and products.
2. Ask guests to signal a COVID-19 waiver.
If your enterprise has a bodily location, think about asking guests to signal a COVID-19 waiver. The waiver can embrace provisions reminiscent of:
• The visitor acknowledges that visiting your enterprise carries with it the chance of exposing themselves to COVID-19, which they voluntarily assume.
• The visitor agrees to indemnify and maintain your enterprise innocent from any damages that may be incurred from their go to.
3. Contemplate signage shows.
Test in with your enterprise lawyer to see if any new signage could be really useful for your enterprise to show, on the inside and/or exterior of your bodily location, to advise friends of recent dangers and security precautions that they need to take.
4. Test your retainer stability.
Whilst you’re checking in along with your attorneys, ask you probably have a retainer stability of their belief account. Your lawyer is required to return the stability to you, which could possibly be a useful infusion of cash.
5. Discover out in the event you qualify for PPP loans and tax credit.
When you’ve got not already performed so, attain out to your CPA and enterprise banker to see in the event you may qualify for an SBA grant or loan. A minimum of a few of the new SBA loans may be forgiven if they’re used for sure functions, which incorporates paying your staff’ wages underneath sure situations.
Your CPA also can advise you on vital tax legislation adjustments that would assist your enterprise, reminiscent of deferring FICA taxes and the worker retention tax credit score.
6. Apply for grants.
Test to see if your organization may qualify for a grant from one other firm. For instance, Fb is providing $100 million in grants and advert credit, and Salesforce is providing $10,000 grants to small companies.
By following the following pointers, you can’t solely shield your enterprise transferring ahead, but in addition present your clients with vital steerage on how you can keep wholesome and secure.
The data supplied right here is just not authorized recommendation and doesn’t purport to be an alternative to recommendation of counsel on any particular matter. For authorized recommendation, it is best to seek the advice of with an lawyer regarding your particular scenario.