MPL General Counsel Corner – Another day closer
I trust the holiday weekend went as best as can be expected. I don’t have any major theme other than to highlight some little know provisions of the various relief programs that may be important and relevant to your business. I know I said it multiple time last week, but I am hearing and reading more and more about opening up the economy and loosening restrictions. The Governor in Texas is rolling out a plan to open the State’s economy, while the Governor in Florida is talking about schools opening up in May. The IHME projections for the US have also remained steady over the last few days. We are another day closer to getting through this situation.
What are you doing to prepare your business or organization for a reopening of the economy? I can tell you with almost 100% certainty, it will not happen in the way or speed that you think.
Here are some other things that may be relevant to your business or organization:
- What about the Net Operating Loss and other Business tax provisions of the CARES Act? A not as widely discussed, but important provision of the CARES Act was the update to the ability to utilize net operating losses from the previous rules under the 2017 Tax Cuts and Jobs Act. I think it is important to realize the increased benefits of this provision as you prepare your 2019 returns and plan for 2020. It could be another source of capital. Check out the article by RKL related to NOLs and other business tax provisions under the CARES Act.
- DOL’s OSHA issues guidance for Covid-19 Recordkeeping: On Friday, the US Dept of Labor temporarily suspended enforcement of the record keeping requirements for Covid-19 illness except for business/entity is in the healthcare, emergency response or correctional business.
- Business/Organization Planning Resources: The two linked studies from McKinsey are good things to review related to Crisis Preparedness and Marketing for your business/organization during this time. I recommend reading them if you have time. Exhibit 2 in the Crisis Preparedness link was particularly helpful for scenario analysis and reaction. The marketing study is a good thing to review in any downturn.
- Upcoming Webinars and Resources
As a side note, our list of email recipients is growing to the point where we will be using a mail delivery service such as MailChimp or Constant Contact. We will let you know when we are close to the launch.
Please see all of our updates at the following link: https://mpl-law.com/resource-center/