Financial Relief Amid the Covid-19 Pandemic
Shareholders Rachel D. Gebaide, Andrew M. Gluck and Greg McNeill were speakers for the “Financial Relief Webinar" presented by AdventHealth on April 23, 2020. They spoke on three important issues facing today’s businesses amid the COVID-19 pandemic: business interruption insurance, employment law considerations and negotiation of lease workouts.
Gebaide covered a variety of employment law questions that have arisen during COVID-19. She explained the requirements of emergency paid sick and FMLA leave, including small business and health care provider exemptions, as well as legal issues arising out of furloughs, layoffs and reductions-in-force.
Gluck discussed negotiating lease workouts due to COVID-19, including the preliminary considerations of confidentiality, existing financing and lender’s consent, documentation of financial need and documentation of the lease workout. He noted alternative structures for rent relief, as well as additional considerations from the different perspectives of the landlord and the tenant.
McNeill spoke about potential insurance coverages for losses resulting from COVID-19 shutdowns contained in typical business property policies, including business income interruption insurance; the brewing dispute between insurance carriers and their policyholders for COVID-19 related claims; and the importance of reviewing the entire business property policy and obtaining advice regarding whether it affords interruption coverages.