What You Can Do Today: April 27
April 27, 2020
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- Take a look at your health and welfare plan eligibility. Insurance contracts for employer-sponsored health and welfare plans often define eligibility for coverage by “active” employee status. Unless an insurance contract specifically says that inactive employees will be covered, an employer that promises laid-off or furloughed employees health insurance benefits may find itself self-insuring those benefits when the insurer refuses to cover those nonactive employees. Review your plans and do these few things today.
- See how the CARES Act can help small business debtors. The CARES Act revises the Bankruptcy Code – effective immediately – to afford relief to small business debtors and individuals that are coping with the pandemic and its financial impact. And, the CARES Act expands the definition of a “small business debtor,” which gives more companies the opportunity to pursue bankruptcy reorganization. Know what this could mean for you.
- Select the right process when buying assets. Buying assets of a distressed company presents unique challenges and opportunities, which can vary depending on many factors. Know what you’re getting into and understand the differences in the types of distressed company sales with this chart.
For more resources and LP's response to COVID-19, visit this webpage.