As businesses continue to be affected by the COVID-19 pandemic, many now face even more hurdles than before. In these unprecedented times, having a business attorney on your side is more important than ever. Legal counsel can help you weather the storm and find creative solutions for problems caused by COVID-19. You corporate lawyer offers advice and guidance for short- and long-term strategies. We are here to provide legal advice to businesses for COVID-19 issues.
Your Business Attorney Helps You Work with Your Creditors for Loan Modifications
What happens if your company can’t pay on business loans due to the economic impacts of COVID-19? Numerous financial regulatory agencies have recommended that creditors work with businesses to create plans for loan modifications. However, loan terms can be complex and negotiating loan modifications that work for your business can be difficult.
Your corporate lawyer helps your company during this process by gathering the necessary documentation for requesting loan modifications. In addition, we will review loan agreements and can assist with negotiation of new loan terms on behalf of your company.
First, we take a look at your current situation and goals and then help you devise a plan for your business. Then we work with your creditors to help with loan modifications. We often represent both creditors and debtors in these negotiations, so your attorney understands both sides.
Making Business Decisions
As more and more companies institute work from home protocols, the changing landscape of your business may make it difficult to know what to do next. Your business lawyer advises on a wide range of issues that your company may be facing. For instance, paid leave requirements in the Families First Coronavirus Response Act, complying with FMLA requirements, and mitigating operational, economic, and legal risks associated with the pandemic. We offer corporate counsel for COVID-19 issues to help you update your goals for the current climate and the ongoing challenges you may face. Your business attorney is here to help you strategize and make decisions that impact current and future profitability. Your business attorney also assists in updating company policies and protocols to meet legal and regulatory standards.
Working remotely presents unique challenges to several aspects of how you operate, such as document retention. Now more than ever, maintaining good documentation is vital, especially if your business plans to or has already obtained COVID-19 financial assistance. Your business attorney can help you find solutions for creating and maintaining paper trails for your operations while fulfilling privacy and cybersecurity requirements in the midst of work-from-home protocols.
Understanding Financing Options Available
In addition, your business may need additional financing during the COVID-19 pandemic. There are many options from federal, state, and local governments. For example, Economic Injury Disaster Loans, Paycheck Protection Program Loans, and the Main Street Lending Program. Applying for these loans, using them according to the terms, and requesting loan forgiveness when applicable can be a complex process. Understanding these funding options and making informed choices is even more essential during this time. It may well decide your company’s future. Your business attorney can offer insights based on your company’s objectives to help you determine the right course of action for your organization. In addition, we assist with document preparation, contract review, and loan term negotiations. We are here to help your company when applying for COVID-19 business funding.
At G. Ortega Law, we offer guidance and support for your business. Our team offers multidisciplinary legal counsel to help your business with a wide range of matters you may face. From risk mitigation to regulatory compliance, we are here for you. We offer counsel for specific legal issues as well as outsourced general counsel services