It is best to obtain a release of claims in return for any severance you decide to pay them. One month of salary is typically satisfactory as they would normally be eligible for unemployment benefits since they are being terminated without good cause.
A release of claims would typically protect you from lawsuit for discrimination or retaliation, which does not appear to be your motive anyway.
It is important to remember that what you agree to pay these employees can set a precident for the future termination of employees since you do not have a policy in place, such that future employees may attempt to demand the same amount of severance arguing that you established a policy through your conduct.
Here is a summary with regard to drafting a release of claims. It is best to retain an attorney to draft the document for you though.
You must also offer COBRA insurance for the employees at their expense typically, if you provide health benefits.
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