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Family business leaders face unique challenges during this global pandemic. In addition to the health and economic factors facing all businesses today, many family business leaders have close personal ties to their employees and communities, some going back for generations. Family business leaders can use this time to enhance communication and education within the family system, reinforce their family values, strengthen business resilience, and offer support to employees and their communities.

As the COVID-19 crisis has unfolded, our global health, economic, and market systems have been severely tested in a very short span of time. Even as we find ourselves in the midst of the implications, many thoughts are already geared toward what happens next … after the worst of this season’s coronavirus spread is under control. This report makes observations on the current situation and takes a look at what the possibilities of a “new normal” might look like, including summaries of key events and market volatility update.

As states, localities, and health officials begin to set parameters around reopening businesses, bringing your people back onsite successfully won’t be as simple as flipping a switch. Every company is unique. But each company faces the same concerns: where to begin, how to keep people protected, when to communicate, and what’s the right way to move forward. The challenge is complex, but there is a framework for moving forward. It starts with asking the right questions and considering the options and regulations around a return to work policy.

The COVID-19 pandemic has had swift and severe effects on the U.S. by devastating the stock market and halting the broader economy. However, given the indicators of instability that had previously existed, an optimist may argue that the virus simply expedited a previously foreseen economic downturn and a recession-induced bear market. Undoubtedly this is an event-driven downturn that has a few wildcards in uncharted territory. The resiliency of the U.S. economy and efficiencies of the global economy will be challenged.

A new normal has emerged out of the COVID-19 pandemic, particularly for business owners who are ready to reopen. With each operation unique in its needs, reopening can feel both invigorating and overwhelming. A list of resources are provided here to help you move forward confidently. Not only is this a time to restart and rebuild, it’s a moment in your business’ history when you can reimagine all that can be.

An increasing number of state legislatures have proposed bills addressing insurance companies coverage of “business interruption” insurance, which is typically applicable only to losses resulting from physical damage to property such as that caused by a fire or earthquake, and generally inapplicable to losses caused by viral or bacterial pandemics.

A side effect of the new normal created by social distancing due to the Coronavirus pandemic is the inability for clients and advisers to come together in the same room to discuss, plan, and execute on their estate planning objectives. However through modern technology, these discussions can still occur in virtual spaces, and pursuant to an executive order signed by New York Governor Andrew Cuomo, notaries can also work digitally. We review the provisions of the order and alternative ways to continue estate planning under shelter-in-place orders.

The impact of COVID-19 on our communities is only just starting to come into focus. No matter what happens from here, the damage will be dramatic. Many nonprofits that have not traditionally made grants to individuals are asking if they can do so, and how. With a little bit of planning and advice up front, disaster relief grants to individuals can allow nonprofits to have a direct and immediate impact on those in urgent need, and help those it serves stay afloat until the crisis has passed.

For the first time, more than half of the CEOs surveyed believe the rate of global GDP growth will decline. The finding is compelling because it reflects low confidence in their organization’s outlook, which has proven to be a reliable indicator of both the direction and the level of global GDP growth in the year ahead. Although U.S. CEOs are among the most pessimistic about global growth, they are among the most confident about their own organizations’ growth prospects.

Returning to work in the midst of the COVID-19 crisis presents employers with unprecedented workplace and employee relations challenges. As the Southern states move ahead with phased plans to reopen, it is important to have the right strategy in place for employee safety, absence management and risk mitigation. The HUB Risk Services team discusses and reviews the following return to work considerations and challenges: