During these challenging times most business are faced with issues regarding cash flow and ongoing expenses. In prior Client Updates we have outline some specific action plans dealing with PPP, Cares Act and other funding programs, your obligations and opportunities under the Salary Continuation programs and others. We continue to update those as new Guidance is released so please check back to our Resources page from time to time.
In the interim we recommend you work on your “new normal” budget to assess your resources and look to where you could hope to defer a portion of your ongoing payments. Working with your budget, you may be able to pay 70% of your ongoing expenses for example. Reach out to your lenders, landlord, insurance providers, utilities and the like to see what adjustments or deferrals might be possible. Be proactive to reach out to them in advance of you next payment with the goal of working together for some additional time with a reasonable plan.
Please call your primary attorney at BMD to discuss your options and to develop strategies.