Business Interruption Resources from Ward and Smith, P.A.

March 27, 2020

Responding to the Coronavirus Outbreak (COVID-19)

We are writing about the outbreak on a regular basis, and plan to keep our clients updated about key issues as they happen. Bookmark this page to stay up to date.

For Employers:

Employers Required to Post Employee Rights Notice Under Families First Coronavirus Response Act, March 26, 2020

Contagion II: MORE Practical Advice for NC Employers Wrestling with COVID-19, March 20, 2020

"Hold On, Help Is on the Way:" U.S. Senate Passes Second COVID-19 Relief Bill, March 19, 2020

What the EEOC Wants You to Know About the ADA, the Rehabilitation Act, and COVID-19, March 19, 2020

Contagion: Practical Advice for North Carolina Employers in the Face of Coronavirus, March 16, 2020

For Businesses:

Will Your Business Need a Re-Entry Certificate in the Event of a N.C. Shelter-In-Place Order?, March 27, 2020

CARES Act Raises Small Business Bankruptcy Debt Ceiling to $7,500,000, March 27, 2020

CARES Act: Providing Payroll Relief to Employers in Response to COVID-19, March 27, 2020

COVID-19 Relief Package to Include Small Business Loans, March 26, 2020

COVID-19 Tax Alert – The Tax Man Lends a Helping Hand, March 26, 2020

Working Remotely and Cyber Security During the COVID-19 Outbreak, March 26, 2020

Alert: Congressional Leaders Strike Deal to Bring Financial Help to the Nation, Details Unknown and the Deal Is Not Yet Law, March 25, 2020

Understanding the New "Fast-Pass" Small Business Bankruptcy Process, March 24, 2020

Preparing for an Uncertain Future: Is Your Business Ready to Tackle Important Legal Issues Raised by a Shelter-in-Place Order?, March 24, 2020

SPECIAL ALERT: Governor Roy Cooper Shutters More Businesses and Extends K-12 Public School Closure, March 24, 2020

Federal & State Response Update: DHS Identifies "Critical" Industries; Plus Guidance on NC's Emergency Re-Entry Certification Program, March 20, 2020

For Individuals:

Enhanced Unemployment Assistance under the CARES Act, March 27, 2020

Update: Tax Filing Deadlines Moved to July 15 Amidst COVID-19 Pandemic, *Updated on March 27, 2020

Essential Documents: Preparing for COVID-19, March 26, 2020

Federal Regulators Urge Banks to Work with Borrowers Affected by the Coronavirus, March 16, 2020

EPA Can Help You Keep It Clean in a World with COVID-19, March 16, 2020

Virus floating on a black background

For Construction Industry Companies:

Protecting Your Payment Rights in the Wake of the Coronavirus, March 19, 2020

Now Is the Time to Review Your Force Majeure Clause, March 19, 2020

Addressing Financial Impacts of the COVID-19 Crisis on Construction Companies, March 19, 2020

For Breweries and Restaurants:

The ABC Laws, They Are a Changing , March 20, 2020

Gov. Roy Cooper Orders Restaurants and Bars to Close Dine-In Service, Announces New Help for Unemployed, March 17, 2020

For Health Care Providers:

The CARES Act and the Healthcare Industry, March 27, 2020

Are Health Care Providers Exempt from the FFCRA Paid Leave Requirements?, March 26, 2020

For Lenders:

SBA Allows Scanned Copies of Documents During COVID-19 Crisis, March 27, 2020

Servicing SBA Loans during the COVID-19 Crisis, March 18, 2020

For Community Associations:

HOA Boards and the Coronavirus, March 16, 2020

For Divorced or Separated Parents:

7 Guidelines for Parents Sharing Custody of Children During the COVID-19 Pandemic, March 18, 2020

About Ward and Smith's Response Plan and Team:

Ward and Smith Launches COVID-19 Response Team for Client Questions, Concerns, March 19, 2020

Ward and Smith's Response to the Coronavirus (COVID-19), March 13, 2020

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Business Interruptions:

"An ounce of prevention is worth a pound of cure."

Several scenarios can cause a business interruption: natural disasters -- such as hurricanes, tornadoes, floods or droughts -- fires, cyberattacks, political upheaval, regulatory and enforcement actions, and even public health emergencies and global pandemics, like the current COVID-19 (coronavirus) outbreak. Almost all businesses, no matter the industry or size, are exposed to these risks at some point. Inadequate preparation not only increases the odds of financial loss but also carries potentially catastrophic implications for the future of the company.

Preparing for Business Interruption

Some of the biggest mistakes businesses make are 1.) failing to understand which threats are most likely to affect them and 2.) underestimating the severity of a potential risk. Failure to anticipate these challenges and adopt proactive and protective measures can result in the following problems:

Business shuttering
Financial aspects; e.g., solvency, cash flow problems, loss of property
Labor and employment issues
Production process problem
Supply chain disruption and vulnerability
Data breaches

Ward and Smith attorneys counsel and assist companies through these hard times, and the compiled list of resources below comes from their extensive experience and knowledge, helping businesses prepare and navigate through situations that could lead to the premature demise of a company. While no one can adequately prepare for every situation, these guides can help reduce the likelihood of suffering a long-term business interruption.