Business owners should consider taking proactive steps to help mitigate the harsh impact of the COVID-19 crisis on their operations and revenues. For example, business owners should evaluate if some or all of the following steps are appropriate for their circumstances:
· contacting lenders to identify options to address debt payments;
· requesting the reduction or deferral of lease obligations;
· considering if any other operating expenses can be reduced, deferred, or eliminated;
· evaluating whether any workforce reductions, such as layoffs or furloughs, are prudent and/or necessary; and
· applying for one or more of the loan or other relief programs available to businesses adversely impacted by the Coronavirus pandemic.
The attorneys at Rosenn Jenkins & Greenwald LLP are ready to work with you through these challenges and identify opportunities to reduce the burden on your organization. Please contact Paul T. Rushton, the Chair of our Business & Finance Department (prushton@rjglaw.com), Thomas J. MacNeely, the Chair of our Real Estate Department (tmacneely@rjglaw.com), or James P. Valentine, the Chair of Labor & Employment Group (jvalentine@rjglaw.com), to discuss how our team can help with these issues.