Trouble viewing this email? View in Browser

When it Arrives, How Can Companies Take Advantage of State and Federal Stimulus and Aid?


One month ago, the United States stock market broke the all-time high. Over the course of the past weeks, the market has sustained record loss after record loss. The change in the business environment, directly attributable to COVID-19 (coronavirus), is telling.

Weathering the storm

However, as this crisis continues to unfold, all businesses should be mindful of not only near-term issues but should also focus on the longer term and what will their business look like once this crisis abates.

In the very near term, it goes without saying that the most important thing that can be done is to comply with federal, state and local directives. These directives are focused on keeping the population safe and preventing further spread.

Looking out onto the horizon, instead of fear and chaos, now is the time to focus your attention on what your business can do to prepare, seize opportunities for growth and thrive in the days to come.

Aid from the government may be coming

One key element of this will be to take advantage of any federal, state and local aid available to your business. While the federal government is pushing forth mass fiscal stimulus, it is not yet certain which components will be applicable to individual entities and what the final rules and regulations will be.

What is certain is that in order to take full advantage of any government program, you will need to be organized and prepared.

Gather information and records now

To ensure that you do not miss out on an opportunity to recover potential losses or increased costs incurred, you should begin assembling pertinent records.

Note the date that an emergency order was issued in your area, how your company responded and any losses or increased costs you incurred as a result. Record them all and maintain the receipts, change orders, directives, invoices, etc.

As you look to document losses for tax, loan, contractual or insurance purposes, be mindful of all increased costs incurred during this emergency period including labor, shipping, finance charges, more stringent loan terms, performance penalties, material substitutions and increased materials costs, as well as the loss of income. It is more efficient and cost effective to quantify ongoing losses now rather than years in the future.

It goes without saying, however, that you should continue to work diligently to mitigate losses, if and when possible.

Keeping an eye on what’s to come

Our team continues to track the developments in Washington and throughout the United States, including proposed stimulus and aid packages. We will continue to provide updates concerning the impact of the coronavirus on your business and the effects that governmental actions and stimulus may have on your operations and finances.

 

Prepared by:
Roy E. Hadley
Eccles_Susan_hs

Roy E. Hadley Jr.
roy.hadley@arlaw.com
Atlanta
P 470.427.3730

Susan N. Eccles
susan.eccles@arlaw.com
Baton Rouge
P 225.378.3246



BOOM! The Southeastern Commerce Podcast brings together regional business,
government and legal leaders to discuss what's new and what's next for commerce in the Southeast.
Listen now.

Adams and Reese LLP
www.adamsandreese.com

ALABAMA | FLORIDA | GEORGIA | LOUISIANA | MISSISSIPPI | SOUTH CAROLINA | TENNESSEE | TEXAS | WASHINGTON, DC

Like Us on Facebook Follow Us on Twitter Connect With Us on LinkedIn

This is not an advertisement. The information in this newsletter does not constitute legal advice or opinion and should not be viewed as a substitute for legal advice. The information provided is based on laws and regulations in effect at the time of creation and is subject to change. Adams and Reese is a multidisciplinary law firm with approximately 280 lawyers and advisors. The firm has offices in New Orleans, LA; Baton Rouge, LA; Atlanta, GA; Birmingham, AL; Mobile, AL; Montgomery, AL; Columbia, SC; Memphis, TN; Nashville, TN; Houston, TX; Jackson, MS; Jacksonville, FL; Sarasota, FL; St. Petersburg, FL; Tampa, FL; and Washington, DC.

For additional information, please see the firm website at www.adamsandreese.com

Subscribe to Adams and Reese COVID-19 Alerts.

If you no longer wish to receive this bulletin, click to unsubscribe.

This newsletter is a periodic publication of Adams and Reese LLP and is intended for general purposes only. This newsletter is sent to friends and clients of Adams and Reese LLP. The sending of this newsletter is not a privileged communication and does not create a lawyer/client relationship. No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.

FREE BACKGROUND INFORMATION IS AVAILABLE UPON REQUEST.