Resilience and Recovery Resources
In a remarkably short period, the coronavirus pandemic has brought about unprecedented change and tested the strength of almost every organization. And it’s clear that the economic impacts will be felt long after the virus has been contained. Leading your organization through unexpected challenges requires both preparation and flexibility.
Resilience gives your organization the strength to respond in times of economic uncertainty.
Recovery provides opportunities to reduce costs, achieve financial and operational efficiencies, more effectively manage risks, and improve your organization overall as our economy adjusts.
The resources and information on these pages can assist you in taking action and thriving as your organization adapts and responds now and in the future.
Resilience and Recovery Insights
Additional reference articles and insights are provided to help you and your organization recover and restore during the current market. Please contact our Weaver Professionals if you would like to discuss your situation and current business challenges. We are here to help you navigate towards resiliency.
July 21, 2020
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated more than $2 trillion in emergency aid to help bolster certain distressed sectors of the economy impacted by COVID-19. The Act includes a number of key provisions the affect financial institutions, including these in Title IV: “Economic Stabilization and Assistance to Severely Distressed Sectors of the U.S. Economy.”
July 20, 2020
On July 1, 2020, the FFIEC released the Joint Statement on Managing the LIBOR Transition to address the risks facing banking institutions due to the expected discontinuance of the London Interbank Offered Rate (LIBOR). LIBOR is not guaranteed past 2021, and this statement reminds institutions of the risks facing them as this important index rate is discontinued. The statement provides concise, straightforward insights into regulatory expectations for the LIBOR transition.
July 8, 2020
As global operations attempt to return to business as usual, board members will be tasked with guiding their organizations through this workforce reopening phase and ensuring that their operations are as successful as possible. To that end, Weaver has compiled further board member insights with this uncertain period in mind, with an overall goal of preparing boards across the nation to ask the right questions and develop robust plans of action in response to those key areas of concern.
July 8, 2020
A school district’s year-end close process is a critical step in having a successful audit. This year promises to be especially challenging, as districts confront the uncertainty of school closures, reduced staffing in the Business Office, remote workers and planning for the 2021 school year.
June 30, 2020
Today’s CFO operates far beyond the traditional “finance first” role over the last decade, or even the last five years. The evolution of the position toward being a holistic and strategic business leader over operational aspects continues apace. From talent management to supply chain to technology assessment and implementation, this is a broad span of control.
Read More Resilience and Recovery Insights
Weaver Virtual Events
Connect with Weaver professionals online to learn about tax regulations, compliance updates, financial resilience, industry news and thought leader insights. CPE credit is available for completion of webinar requirements.
Thursday, August 20, 2020 – 1:00-2:00 PM CDT
Join us for a live webinar where we’ll discuss the various types of “Responsible Persons” to better understand personal liability concerns and any scenarios that might impact you from a sales tax perspective.
We are here to help.
When you’re facing challenges, sometimes it’s hard to know where to start. Here are some ideas for strengthening your organization, identifying cost savings and finding new sources of revenue. Explore these services and contact us to find out how we can help you come through the storm and emerge stronger than ever.
Our COVID-19 Resilience & Recovery services include:
- Process and workforce optimization --- If you’re facing difficult choices, how can you reduce your workforce without cutting off your future? Our risk advisory professionals can help you reduce expenses without creating security and legal exposures.
- Technological resources and cybersecurity --- Do you have the staffing and infrastructure to manage growth, sudden changes like remote workforces, and rapidly evolving cyber threats?
- Environmental, Social & Governance (ESG) Services --- Governance, social issues and environmental policies affect more than compliance. They can affect your ability to operate in other countries, your workforce risks, and both financial and reputational costs.
- Preparing for supply chain disruption --- Along with managing debt and monitoring cash flow, manufacturers need to prepare for breakdowns in both domestic and international supply chains. Weaver can help you identify critical risks and prepare back-up plans so you can keep production moving.
- Planning for business continuity --- Going far beyond disaster preparedness, business continuity planning looks at issues of infrastructure, workforce, technology, supply chains, information systems and more so that organizations can keep serving customers through natural disasters or economic crises.
- Tax recovery --- If you pay sales and use taxes or excise taxes, you may have overpayments that could be recovered – often with no upfront cost to your company. Energy companies could also be due severance rebates that Weaver could help you recover.
- Royalty or franchise fee audits --- Franchisees or vendors who license logos or intellectual property may not be paying everything you are due. A royalty audit can help you identify and recover underpayments.
- Tapping disaster relief funds --- A national or state declaration of a disaster or emergency provides opportunities for organizations – even private businesses – to apply for disaster relief funds. Such funds can provide funding to rebuild or to keep your company solvent through a long shutdown.
- Tax relief --- Legislation sometimes moves quickly to address a sudden crisis, and there may be new opportunities for tax savings or credits you could take advantage of. Our tax professionals can help identify new savings to help offset unexpected losses.