Business Strategies During the Covid-19 Crisis
As of this writing, March 24, 2020, information and recommendations have been ever changing in the Covid-19 crisis. Bauer Gravel Farnham LLP is committed to assisting in any way we can. We stand with our clients in prosperous as well as challenging times.
Below are some resources that we have compiled to help you navigate this process, as of this writing. Do keep in mind that this situation is ever changing on a daily and even hourly basis, and therefore, this is simply a snapshot in time, and general list of suggestions based on what we know right now.
Every business is unique, every situation different, therefore for your specific situation and needs you should consult your appropriate and chosen advisors to assist you individually including for tax, financial and legal.
Please note that none of the below links, businesses or information provided are affiliated in any way with Bauer Gravel Farnham LLP, and are provided on an informational basis only.
Families First Coronavirus Response Act: Employee Paid Leave Rights (link updated April 1, 2020)
Cares Act, SBA loans and relief for business including Vermont specific programs: (links updated March 30, 2020)
Vermont Tax Relief:
Tax deadlines have been extended until July 15, 2020. There may be additional extension options. According to the Tax commissioner, “In addition to moving the deadline for filing Vermont income tax from April 15 to July 15, the Department will provide relief to businesses owing Meals and Rooms Tax and Sales and Use Tax by foregoing any penalty or interest for those who are not able to meet the March 25 or April 25 deadlines. – Commissioner Craig Bolio.”
BizEquity free publication for download: “Small Business Survival Guide for the Coronavirus”
Venture7 has provided the following information to its business clients. Venture7 is located in Vermont.
Other information and resources:
Lenders and Creditors – many lenders and creditors are deferring or extending payments for loan and unsecured credit. Contact your individual creditors for options. For example Bank of America announced such a program: https://newsroom.bankofamerica.com/press-releases/consumer-banking/bank-america-announces-additional-support-consumer-and-small
Business Interruption Insurance – check your policy for business interruption insurance and determine if you have a claim.
Force Majeure – contracts with vendors and suppliers and others may be modified or changed during a crisis. Review the language in these provisions. Some provisions may excuse a party from not performing its contractual obligations when they become impossible or impracticable, due to an event or effect that the parties could not have anticipated.
Industry Groups – Band together with other like businesses and industry groups to determine how your specific industry is coping or contacting the local and state governments for tax and other relief.