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Turning toward recovery and growth
The impact of the COVID-19 pandemic has been far-reaching. Many organizations are focusing on the strategic restart and ramp up of their operations. While there is still great uncertainty about what a coronavirus recovery phase will look like, it is essential for your organization to understand the scenarios you may face and plan your path back to growth.
Baker Tilly’s Value Architects™ are prepared to work with your organization now to chart a way forward that will enhance and maximize your value, minimize further disruption and keep your workforce safe.
Paycheck Protection Program (PPP) Solutions
Baker Tilly has a comprehensive set of solutions that are readily available to assist qualifying businesses that have received, or will receive, loan proceeds that may be eligible for forgiveness under the PPP. These tools have been developed pursuant to the guidelines established by the CARES Act, the Interim Final Rule issued by the Small Business Administration (SBA), and the subsequently issued Frequently Asked Questions.
No matter where you are at in the process, our specialists can help you through the three phases:
- Applying for a PPP loan
- Monitoring utilization of loan proceeds
- Complying with forgiveness submission requirements
Planning your recovery
Mapping your recovery roadmap will focus on several key planning dimensions which should be considered. These planning dimensions will also be key elements to your scenario modeling.
Business Model Rationalization & Growth Strategy
Customer Demand Planning & Generation
Employee Health, Safety & Retention
Supply Chain & Operations Stabilization
Financial Resilience
Information Technology & Cybersecurity
Federal, state and local financial assistance programs
Access Baker Tilly’s up-to-date guide for an overview of COVID-19 stimulus package financial assistance programs and to help you identify which federal, state and local programs your business qualifies for.
Federal stimulus bill FAQ
Assessment
COVID-19 Response Cybersecurity Assessment
Business continuity planning
Organizations have to consider a variety of effects that the COVID-19 outbreak may have on operations, employees and customers.
Our business continuity planning checklist highlights key steps in continuity planning, including risk evaluation and business impact analysis; continuity strategy and plan development; public relations and crisis coordination needs; and awareness and training program support.
Further business continuity services include:
- Assistance with business disruption, related disputes and contract disputes
- Identification and report of coronavirus-related losses by stakeholders/lenders as part of the usual reporting requirements
- Advisory services related to the impact of a broken supply chain
- Advice on issues related to event cancellation insurance
- Assistance with revised forecasts related to covered loss from other events, with the effect of COVID-19 factored in
- Preparation for other losses that could develop when the COVID-19 problem arrives in a widespread way in the U.S.
Download our discussion guide for questions that will help your organization assess and identify key organizational considerations in business continuity and crisis management.
Crisis planning & response management
While not every crisis causes harm, an organization’s response can result in major business risks. Baker Tilly can assist boards and management teams as they develop effective strategies related to COVID-19.
Organizations must stress test their level of preparedness in an effort to ensure continuity of business operations, work to mitigate any potential impact, and prepare for possible further disruption from this and other crises. Boards must be proactive and increase their oversight to appropriate levels, especially because during times of crisis the opportunity for fraud increases.
Baker Tilly has developed a business continuity and crisis management discussion guide to help your organization assess and identify key considerations across the following areas:
- Operations
- Personnel
- Financial and legal
Risk management & advisory services
Baker Tilly can apply its deep experience developing strategic enterprise risk management (ERM) programs to customize solutions that will reduce the chance of loss and maintain financial stability in the wake of COVID-19 disruption.
Due to the spread of COVID-19, companies should increase monitoring of invasive cyber events, given the likely increase in hackers sending out fake emails, website links and ransomware attacks.
Other things to consider:
- Do your employees need additional technology or support to optimize remote working?
- What reminders do employees need to receive concerning system security when working from home?
- If staff do not have WiFi at home, what security measures do they need to follow if they use public WiFi at a library or local coffee shop?
- If your organization suffers a cyberattack and needs to invoke an incident response solution, what is the impact on response times to employees and customers as well as on revenue if staff and external vendors are in a quarantine lockdown?
Financial resilience solutions
COVID-19 is an unfolding and evolving event bringing uncertainty to every organization. Baker Tilly is ready to help you prioritize necessary actions and navigate your organization through these unprecedented and difficult times. We have developed specific insights and solutions to assist you in responding to volatility and building financial resilience
Financial resilience solutions:
- Supply chain disruption and spend analysis
- Strategic scenario development
- Organizational redesign and alternative value delivery analysis
- Navigating federal, state and local assistance
- Communications and crisis management
- Tax considerations
- Business continuity planning
- Fair market opinions and valuations – including goodwill impairment evaluations and valuations for estate planning and gift purposes
- Outsourced financial services
- Re-negotiate and restructure of loan payments and covenants, investor agreements, purchase agreements and others impacted directly by financial performance
- Relief Funding Assistance
Industry resources
Baker Tilly specialists understand your industry and how an unplanned event such as the COVID-19 outbreak can affect your organization, employees, customers and suppliers.