The coronavirus pandemic has been challenging for everyone, including business owners. Throughout South Carolina, business owners are faced with enormous challenges, including protecting the health of their employees and customers as well as trying to pay bills and overhead costs while being restricted by the various Executive Orders affecting business operations throughout the state.
If you have questions about your obligations under the current Executive Orders or you have questions about programs to help business owners, contact a South Carolina business attorney. An attorney can help you review your options and develop or modify your business plan to incorporate the new “normal” we are all facing in light of the COVID-19 outbreak.
Five Things All Business Owners Should Do to Weather the COVID-19 Pandemic
1. Review all Executive Orders issued by state and local governments.
The Executive Orders issued by the Governor impact businesses throughout the state. Some businesses are required to close while other businesses may remain open with certain restrictions. Make sure that you read these orders carefully and comply with all restrictions to avoid penalties.
Additionally, check with your county and city government for restrictions. Some local governments have added restrictions for businesses operating within their city or county limits.
2. Apply for loans and other business aid.
There are many state and federal loans, grants, and aid available to businesses during the COVID-19 pandemic. Apply for loans and other aid to help cover payroll and overhead costs. Talk to your lender or attorney to review the various options and the requirements for each loan to determine which aid options are best for your company.
3. Follow CDC guidelines for stopping the spread of the virus.
The Centers for Disease Control (CDC) has guidelines for businesses to respond to the coronavirus. To protect your employees and customers, review and follow the CDC guidelines for COVID-19.
4. Review contracts, leases, and loan agreements.
You may need to extend the terms of contracts and leases during the pandemic. You may also need to request loan modifications or other considerations form lenders. Review contracts and agreements with your business attorney to determine the actions you can take and your legal obligations. Contact lenders and creditors to inquire about special considerations regarding debts during the shutdown. Many lenders and creditors are working with businesses to help them manage debt payments during the shutdown.
5. Review your business budget.
Carefully review your business budget to determine if there are ways you can reduce overhead to save money. Many business owners are finding they need to adjust their short-term and long-term financial plans to adjust to the coronavirus pandemic.
As you review your business budget, keep your employees in mind. Be as honest and transparent as possible with employees regarding layoffs and furloughs. If possible, assist employees who are laid off or furloughed seek unemployment benefits.
Contact a South Carolina Business Attorney for Help
It is a difficult and challenging time. Make sure that you communicate with our South Carolina business attorneys regarding business matters during the pandemic. Preparing and planning can protect your business interests, employees, and customers.