Most franchise systems are facing severe financial impacts as a result of the continued spread of COVID-19 and the numerous government-mandated shutdowns that have been ordered by state and local officials in response.
Franchise systems are facing unprecedented upheaval in the wake of the COVID-19 pandemic. Franchisors are currently responding to a myriad of challenges confronting their franchise systems.
This webinar provided a summation of recently passed federal legislation (the FFCRA and CARES Act) that affect lending facilities to businesses, as well as newly formed Human Resources implications for franchise businesses. The panelist discussed the ways that these new laws affect businesses, with a particular focus on family medical leave and paid sick leave provisions, and their eligibility requirements. Additionally, the panelists discussed best practices for dealing with the public health implications of Covid-19 in the workplace.
This webinar, featuring returning panelists, outlined changes and updates in negotiating between tenants and landlords given Covid-19-related business uncertainty and slowdowns. The panelists detailed the challenges being faced by both tenants, and landlords, and provided a step-by-step for action by tenants, and guidance on how and what to communicate to landlords. The panelists also discussed the opportunities on the other side of the pandemic crisis.
Attorneys from Lathrop GPM outlined types of relevant business insurance that cover franchise businesses, as well as coverage issues that might come into play as businesses seek to claim against losses incurred by the COVID-19 pandemic. The panelists outlined the typical provisions of business insurance, as well as possible exclusions to coverage. The panelists underscored the need to make your claim, document losses, and seek qualified counsel on business insurance.
This webinar discussed IFA’s role in correcting the Qualified Improvement Property (QIP) provision via the recently passed CARES Act, as well as laid out the technical details of the QIP fix and effects for small businesses. Panelists both explained the requirements of what is QIP, as well as how to claim bonus depreciation.
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This webinar brought together both established and emerging franchisors who discussed their perspectives and responses from their brands on current operations and franchise development, and advice to franchisors and franchisees during COVID-19-related business uncertainty. The panelists underscored a few points, including: direct communication and guidance with franchisees; innovation to seize on new modes and methods of revenue creation; going to a breakeven state to retool and reassess for future operations; and to continue working on deals for franchise development on flexible and empathetic time-frames. Key Bullets –
Attorneys from DLA Piper discussed key elements of Force Majeure clauses, claims of commercial impossibility, as well as the ins and outs of business interruption insurance. The panelists noted that Force Majeure clauses are highly dependent on specific contractual language, and urged all businesses to read and review carefully their contractual obligations related to Force Majeure. Additionally, the panelists recommended careful and thorough review of property and business insurance policies to determine whether losses due to damage or civil authority orders might be claimed in these circumstances.
Franchisor members discussed the challenges and solutions their brands are encountering amid the COVID-19 pandemic, as well as financial relief options available to businesses in light of recent legislation. Panelists discussed the need for companies to establish and maintain a flow of accurate information and data from brands and government resources, including from state and CDC sources. The panelists also reviewed recent updates pertaining to rulemaking from the Department of Treasury on Paycheck Protection Program Loans (PPPL)