IFA leadership discussed the various loan relief programs offered through government agencies, and as a result of the highly anticipated legislation recently passed by Congress. Though implementation of the Paycheck Protection Program loans (PPPL) by the Small Business Administration and via commercial lenders is forthcoming, the panelists outlined the importance of liquidity at this time and to take advantage of the loans offered by these outlets. The panelists took a step-by-step look at the loan terms and documentation needed by franchise businesses to access new loans and their eligibility for forgiveness within these programs.
Shannon Hudson, Founder and CEO of 9Round Fitness, shares his insights on how brands can develop personal connections and opportunities during the coronavirus pandemic.
Panelists discussed the legal implication of layoffs, furloughs, and closures from both legal and communications standpoints. Bruce Millman of Littler Mendelson discuss the differences between layoffs and furloughs, and the business effects due to the discontinuation of the employment relationship. The panelists discussed issues arising due to WARN Act considerations for businesses, as well as the internal and external communications strategies and processes for dealing with employment uncertainty, and laying off employees.
IFA and supplier leaders discussed the regulatory and communications components of deeming your business an “essential” business in light of local and state-mandated business closures. IFA’s Jeff Hanscom outlined the CISA guidance on Essential Businesses, which follows DHS guidelines, and the categories of essential businesses. The panelists then discussed various efforts on behalf of industries that supplement these “essential” businesses to maintain their operations. The panelists also discussed best practices to manage employee and customer response to continue business operations and how to navigate their health and safety.
In the “Fitness and Health Industry in Times of Coronavirus” webinar, member leaders from Athletic Republic and Planet Fitness discussed the effects of COVID-19 on the fitness and gym space, franchisor-franchisee relations, and steps taken now and after the pandemic ends to communicate and retain members, and retain the customer experience. The panelists outlined the health and sanitation guidelines and differences for open versus closed locations, and emphasized important cost control strategies that they as franchisors are taking and recommending to guide and support franchisees through the economic turbulence.
IFA Members from Polsinelli and the Spice & Tea Exchange discussed the implications of COVID-19 on the global supply chain, provided an update on imports, exports, and trade into and out of the United States, and briefed participants on insurance provisions related to the pandemic. The panelists went into detail on supply chain interruptions and possible avenues for relief via domestic secondary vendors. While the panelists noted trade and import/export reductions, they noted that the U.S. Trade Representative has published new tariff exclusions on certain important goods. Finally, the panelists discussed business insurance coverage.
In the “Crisis and Reputation Management in Times of Coronavirus”, public relations professionals discussed communications best practices for franchisors and franchisees as they navigate COVID-19-related uncertainty. The panelists discussed the “before, during, and after” phases of crisis communications and planning, and underscored the need for strong corporate culture as a lynchpin to guide current and future action. In particular, the panelists discussed the need for strategic clarity amid rushed decision-making, to take stock of process improvement, and to lay the groundwork for business re-openings with acts of empathy and goodwill during moments of crisis.
Insight into how franchisors should bring their systems together during this critical time.
We must not forget about the frontline workers who may not be able to operate remotely, but instead find ways to keep them engaged and connected.