Franchise Resources | Franchise & Small Business News

Both the business operations and legal perspectives of franchising internationally were discussed in this webinar. Panelists discussed the current situation for franchise businesses in different countries as they confront COVID-19-related disruption, and its impact on different sectors. They also discussed the various ways that franchisors are providing support to licensees and franchisees, and provided specific cases of how businesses are responding, both internally and customer-facing. Finally, the panelists touched on government assistance programs available in different jurisdictions.

Attorneys from labor law firm Littler Mendelson outlined several of the key provisions of recent federal stimulus legislation related to the COVID-19 pandemic. The panelists discussed the Families First Coronavirus Response Act (FFCRA), Emergency Paid Sick Leave, Emergency Family Medical Leave, and the CARES Act. The panelists discussed the new mandates on businesses, as well as compliance measures, and loan options open to businesses in light of the stimulus bills.

This webinar’s panelists discussed payroll system operators’ role in the broader stimulus and loan efforts undertaken by recent government action, and outlined relief options available for small businesses. The panelists focused on the Employee Retention Tax Credit and Paycheck Protection Program Loan provisions of the recent CARES Act, and how payroll processers can act as trusted advisors on the front and back-end of loan forgiveness provisions through documentation and record-keeping compliance.

IFA leadership discussed the various loan relief programs offered through government agencies, and as a result of the highly anticipated legislation recently passed by Congress. Though implementation of the Paycheck Protection Program loans (PPPL) by the Small Business Administration and via commercial lenders is forthcoming, the panelists outlined the importance of liquidity at this time and to take advantage of the loans offered by these outlets. The panelists took a step-by-step look at the loan terms and documentation needed by franchise businesses to access new loans and their eligibility for forgiveness within these programs.

IFA supplier leaders from global accounting firm Citrin Cooperman provided participants with “timeless tips” and guidance for businesses to conserve cash flow as they contend with business interruption. The panelists offered both short term and long term solutions to deal with the current crisis, including: deferring expenses; communicating with bankers to manage possible refinancing and repayment options; tax deferral; and review of existing contracts. Longer term, the panelists recommended planning for new sources of cash flow via government loans with an eye toward accommodating labor changes, and preparing business for liquidity challenges going forward.

Panelists discussed the legal implication of layoffs, furloughs, and closures from both legal and communications standpoints. Bruce Millman of Littler Mendelson discuss the differences between layoffs and furloughs, and the business effects due to the discontinuation of the employment relationship. The panelists discussed issues arising due to WARN Act considerations for businesses, as well as the internal and external communications strategies and processes for dealing with employment uncertainty, and laying off employees.