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Tonkon Torp Attorneys Host Webinar to Provide COVID-19 Tools to Businesses
On Thursday, April 2 Tonkon Torp LLP hosted a webinar for 600 registered participants to discuss the Paycheck Protection Program (PPP) loans available from the Small Business Administration (SBA) through the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act, employment law issues, mergers and acquisitions activity during COVID, and contractual force majeure clauses. The event was moderated by partner Anna Sortun, and featured partners Haley Morrison and Sherrill Corbett, along with guest Jennifer Fern Peterson of KeyBank.
With an acknowledgement that information from state and federal authorities is changing rapidly, the speakers provided updates on their respective topic areas using information available at the time of the webinar. Throughout the program, Anna moderated a steady stream of audience questions from the audience for the speakers.
Jennifer focused on PPP loans. She shared information on eligibility, the application process, payroll expenses that can be included to calculate a PPP loan, business expenses PPP loans can be used for, and how loan forgiveness is calculated.
Haley covered multiple coronavirus-related employment issues including handling large-scale layoffs, providing notice under the WARN Act, best practices for final pay, and unemployment considerations. She also reviewed the top pros and cons for businesses in using the terms furlough or layoff in relation to PPP loan applications, final paycheck rules, and unemployment eligibility.
Sherrill reviewed how mergers and acquisitions activity has changed for different industries, considerations for crafting a Letter of Intent, and building flexibility into deals during a time when operations are anything but normal. She also discussed the inclusion and enforcement of force majeure clauses in existing and new contracts.
Webinar guests were encouraged to follow up directly with speakers to ask questions not addressed during the hour-long program. Tonkon Torp has published a COVID-19 Business Resource digest that is continually refreshed with alerts that touch on a broad range of corporate topics.