While banks have remained open as part of critical infrastructure throughout the COVID-19 pandemic, and many were able to keep branches opened throughout the pandemic, we are expecting many banks to further expand branch openings in the coming weeks. Moreover, many business customers of banks will also be seeking to reopen, with their ability to generate revenue critical to the long-term return of the U.S. economy (and the bank’s asset quality).
The consensus of most business folks, including bankers, is that as the U.S. gradually re-opens, the look and feel of businesses will change dramatically. Before the world can return to its full pre-COVID-19 normal, this interim period between the lifting of shelter in place orders and the broad distribution of vaccines or effective treatments is projected by experts to last at least one, and possibly as long as two years. Colleagues at Bryan Cave Leighton Paisner have prepared an alert focusing on public facing businesses which must significantly change their operations to reduce the risk of coronavirus transmission.
As discussed further in the alert, before such businesses re-open, they should have a comprehensive reopening plan addressing the following:
1. Monitor Best Health Practices and Guidelines
2. Comply with Employment Laws
3. Prepare for Safe Interactions with Clients and Customers
4. Establish Guidelines for Space Sharing and Control Issues
5. Effectively Communicate with Employees, Customers, and Other Stakeholders
The client alert is full of details on specific steps that can be taken, along with links to further guidance on key labor and employment considerations. So stop reading this blog post, and go read the client alert with five critical actions to take now in preparation for re-opening!