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COVID-19 Business Sustainability Checklist

COVID-19 Business Sustainability Checklist

Sticky
Mar 20, 2020
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Our world has changed suddenly and BMK is responding and is prepared to meet your needs. As your trusted advisors, we are ready to leverage our expertise, experience and strategic alliances to provide needed counsel in these trying times.

As always, please call us at any time. We have deployed call forwarding so you will be able to reach us by dialing our general number (973) 376-0909 and entering the extension listed below or using the mobile telephone numbers provided here:

  • Stuart Brown: ext. 1118 or (908) 770-0166
  • Kenneth Moskowitz: ext. 112 or (908) 770-0160
  • Norman Kallen: ext. 114 or (908) 770-0165
  • Steven Rowland: ext. 1124 or (973) 879-0544
  • Keith Marlowe: ext. 1120 or (973) 568-7559
  • Richard West: ext. 1126 or (973) 229-7928
  • Fredric Tudor: ext. 1122 or (973) 476-8139
We are committed to assisting you in responding effectively to the novel issues and business challenges that could not have been foreseen even a few short weeks ago. In the hope of focusing on critical tasks, we suggest the following:
  1. First, breathe. After taking a deep breath, prioritize the matters affecting your business.
  2. Review Insurance Policies – Business interruption and other insurance policies vary and you need to know what is covered. Review policies to determine the scope of coverage, including potential claims for business interruption, losses, workers’ compensation, contamination and employment practices.
  3. Review Loan Obligations – Some lenders may offer deferred payments and interest only arrangements at this extraordinary time.
  4. Review Leases – Some landlords may provide rent deferrals.
  5. Call Your Accountant – Review the business’s entire financial picture with your accountant and determine the obligations, if any, you may wish to restructure, delay, etc.
  6. Call Your Vendors and Key Customers – Determine how to protect your supply chain, when and under what terms to extend customer credit, etc.
  7. Review your Employee Manual and contact your Human Resources Advisor – Determine how/if your employment policies have addressed work from home scenarios, business interruption, etc. Work with a human resources advisor to create action plans to address sick leave, layoffs, furloughs, union employee rights, etc. Understand HIPPAA compliance and other privacy concerns in releasing information related to positive COVID-19 cases at your facility.
  8. Engage your Communications and Marketing Advisors – These professionals understand the myriad information you must convey to clients, customers, employees, the media and others in times of crisis. Look to their guidance for cohesive communications throughout the duration of the crisis.
  9. Call Us – Talk to your legal advisors to review both new matters and to address and re-examine pending matters in light of the changed circumstances. Among other things, assess contract obligations and potential problems that may be on the horizon; discuss the potential for government support, including SBA financing and new programs that may be enacted to support your business; and business disputes and potential litigation, including disputes arising from the COVID-19 crisis.
At BMK, we have been with you before the storm, and will be with you in the eye of the storm. Please keep track of our website (www.bmk-law.com) for additional guidance on pivotal matters in this time of challenge. More importantly, please do not hesitate to call to discuss any issue that may be of concern.
We wish you, your family and your team good health as we all work together to get through this difficult time.

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