Current Issues Faced by Small Business Owners
The Novel Coronavirus that has affected thousands of Americans has upended daily life throughout the United States. It has been especially hard on small businesses, many of which have been forced to close their doors and do not have the operating capital to weather several months of no income. In fact, according to data published by Harvard Business School, the median US small business had enough cash reserves to cover just 27 days in 2016,
Here are some of the legal issues that small businesses are facing as a result of the current health crisis:
Certain parties may be unable or unwilling to perform their contractual obligations as a result of COVID-19. For example, if you own a venue used for events like weddings or conferences, your clientele may want to cancel – or you may be unable to fulfill your end of the agreement because of the local ban on gatherings. These kinds of situations may lead to disputes which you may need to resolve through litigation
As an employer, you need to be sure that you are in compliance with labor laws now more than ever. Double-check your policies and procedures in regard to paid time off, family and medical leave, special accommodations, and similar issues. Furthermore, if you are allowing or requesting your employees to work from home, you need to review your policies for handling sensitive client or customer information remotely.
Contact a Business Lawyer in Houston Today
We are living in unprecedented times, and it remains to be seen how the pandemic will affect small businesses in both the short and long term. If your company is facing legal challenges or you have concerns, you should not hesitate to consult with the Sutherland law firm. Contact us online or call 713.300.1946 for a discussion today.