WLTW - Willis Towers Watson launches product that helps clients create stimulus through the CARES Act
ARLINGTON, Va., Aug. 25, 2020 (GLOBE NEWSWIRE) -- Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, today announced it has created the Coronavirus Aid, Relief, and Economic Security (CARES) Act Optimization Program. The program will help companies navigate the CARES Act and realize available stimulus funds before its accompanying benefits expire.
Provisions in the CARES Act create an opportunity for companies to generate a stimulus by monetizing net operating losses generated in the 2018, 2019 or 2020 tax year. Willis Towers Watson’s program helps companies realize a net operating loss by leveraging long tail liabilities held on the balance sheet, e.g., workers compensation liabilities, products liabilities, asbestos liabilities and pension liabilities. The Willis Towers Watson approach has additional features to enhance liquidity and to hedge against IRS challenges.
“With filed bankruptcies up 26% in 2020, managing liquidity in today’s COVID-19 economy remains a key strategic objective for many companies,” said Jonathon Drummond, head of Casualty Broking, North America, Willis Towers Watson. “Our CARES Act Optimization Program provides an innovative way to create a cash stimulus today while reducing balance sheet volatility and restoring borrowing capacity under a corporate credit revolver.”
With critical provisions of the CARES Act expiring at the end of this tax year, there is a short window of opportunity to realize available stimulus funds.
About Willis Towers Watson
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.
Media contact
Ileana Feoli: +1 212 309 5504
ileana.feoli@willistowerswatson.com