News & Analysis as of

Chapter 11 Paycheck Protection Program (PPP)

Husch Blackwell LLP

Retail Apocalypse Part II? What Trade Creditors and Landlords Can Do To Protect Themselves

Husch Blackwell LLP on

At the outset of the Covid-19 pandemic, some commentators were preparing for a mass extinction event in the retail industry, characterized by hundreds of brick-and-mortar store closings, massive job losses, and numerous...more

Jenner & Block

Recent Developments in Bankruptcy Law Update - July 2022

Jenner & Block on

Covered Activities - 1.1.a Order granting counterclaim declaring validity of mortgage on the debtor’s property does not violate the stay. The debtor acquired property subject to a disputed mortgage. The debtor brought a...more

Kelley Drye & Warren LLP

Second Circuit Split Resolved: No PPP Loans for Debtors in Bankruptcy

In March, the U.S. Court of Appeals for the Second Circuit joined a growing majority of courts with Springfield Hospital, Inc. v. Administrator for the U.S. SBA, holding that no matter how forgiving its terms, a CARES Act’s...more

Lowenstein Sandler LLP

How to Make a Good Impression in Bankruptcy Court

Lowenstein Sandler LLP on

How should a chapter 11 debtor’s financial information be presented to the bankruptcy court to create the best first impression? To give the court an accurate picture of the results of operations during Chapter 11 and for the...more

Patterson Belknap Webb & Tyler LLP

Unqualified "Cares" Act Funds Can't Be Used To Pay Creditors

U.S. Bankruptcy Judge Craig A. Gargotta rejected a debtor’s attempt to use “CARES Act” funds, which it did not actually qualify for, to pay creditors in its chapter 11 case. BR Healthcare Solutions (the “Debtor”)...more

McCarter & English, LLP

Chapter 11 Debtors With Confirmed Plans Are Now Eligible For PPP Loans

The Small Business Administration (SBA) published new guidance declaring Chapter 11 debtors with confirmed plans as eligible for Paycheck Protection Program (PPP) loans. The new guidance creates an exception to the SBA’s...more

Husch Blackwell LLP

New Program To Provide Relief To Restaurant Industry

Husch Blackwell LLP on

The Restaurant Revitalization Funding (RRF) program, established pursuant to the American Rescue Plan Act signed into law March 11, 2021, provides eligible businesses with the opportunity to recoup a portion of their...more

Buchalter

Buchalter COVID-19 Client Alert: PPP Loans Now Available to Otherwise-Eligible Companies That Have Ended Their Bankruptcy...

Buchalter on

The Small Business Administration (“SBA”) has made an adjustment to its guidance to provide that entities which have concluded a bankruptcy proceeding are not, for purposes of PPP eligibility, considered in bankruptcy....more

Dorsey & Whitney LLP

SBA Clarifies PPP Loans and Bankruptcy

Dorsey & Whitney LLP on

Since the first round of Paycheck Protection Program (PPP) loans, there has been confusion regarding eligibility for businesses or owners associated with bankruptcy. This resulted in substantial litigation between debtors in...more

Levenfeld Pearlstein, LLC

CARES Act Bankruptcy Provisions Extended

On March 27, 2021, President Biden signed the “COVID-19 Bankruptcy Relief Extension Act of 2021” to extend the expiration dates of certain bankruptcy provisions of the CARES Act to March 27, 2022. The original version of the...more

Bradley Arant Boult Cummings LLP

A Business Bankruptcy Overview: How Subchapter V, the CARES Act and the Consolidated Appropriations Act Have Expanded Relief for...

In February 2020, just prior to the COVID-19 outbreak, the Small Business Reorganization Act of 2019 (Subchapter V) took effect. Subchapter V amends Chapter 11 of the Bankruptcy Code to allow certain individuals and...more

Fox Rothschild LLP

When Subchapter V Management Misbehaves: “For Cause” Expansion Of A Subchapter V Trustee’s Management Duties

Fox Rothschild LLP on

Somewhere in our rough memories of high school science, we should recall the general principle that a gas will always expand to fill a given void. Although the Bankruptcy Code diverges markedly from scientific principles,...more

Skadden, Arps, Slate, Meagher & Flom LLP

Uptick in Restructurings May Outlast COVID-19 Pandemic

The COVID-19 pandemic has caused massive disruption across the globe, resulting in a significant uptick in U.S. restructuring activity. According to AACER, a database of U.S. bankruptcy statistics, an estimated 7,128 business...more

Bowditch & Dewey

Rent Abatement, PPP Loans (Maybe), and Other Bankruptcy Relief in the Appropriations Act

Bowditch & Dewey on

On December 27, 2020, the Consolidated Appropriations Act, 2021 became law. In addition to funding the government and providing coronavirus relief, the Act contains several intriguing amendments to the Bankruptcy Code. The...more

PilieroMazza PLLC

DOJ Announces Nation’s First Settlement of Civil Case for PPP Loan Fraud

PilieroMazza PLLC on

On January 12, 2021, the U.S. Department of Justice (DOJ) entered into a settlement with California-based SlideBelts, Inc. (SlideBelts) and its president and chief executive officer in what is advertised as the country’s...more

Farella Braun + Martel LLP

Bankruptcy Provisions in COVID Relief Legislation Impacting PPP Loans, Commercial Leases and Preference Claims

With the COVID-19 pandemic stretching on into another year, businesses continue to experience adverse effects. Bankruptcy filings, especially among retailers, were higher than average in 2020, and it is likely that more...more

Dorsey & Whitney LLP

Borrowers and Banks Beware: The New Year Brings the Nation’s First False Claims Act Settlement for Paycheck Protection Program...

Dorsey & Whitney LLP on

On January 12, 2021, the Eastern District of California entered into a civil settlement with a Paycheck Protection Program (“PPP”) borrower and its CEO to resolve allegations of fraud. The settlement stemmed from a $350,000...more

Roetzel & Andress

The Eleventh Circuit Decides That Chapter 11 Debtors In Possession Cannot Receive Loans Under The Paycheck Protection Program...

Roetzel & Andress on

As many property owners and business operators continue to face the economic malaise associated with government shutdown orders, a decline in foot traffic in many of the traditional brick and mortar businesses, and a slow...more

Perkins Coie

New COVID-19 Relief Law Includes Limited Bankruptcy Protections Regarding PPP Loans

Perkins Coie on

The latest COVID-19 relief legislation provided some additional aid and clarity for a select group of debtors and left many other questions unanswered. The requirements for the next round of the Payroll Protection Program...more

Pullman & Comley, LLC

New Bankruptcy Relief Provisions Brought to You by the 2021 Federal Appropriations Act

Pullman & Comley, LLC on

The new Consolidated Appropriations Act, 2021 (the “Act”), which was signed into law on December 27, 2020 (H.R. 133), includes within its 5,593 pages a number of new bankruptcy relief provisions for businesses as part of what...more

Foley & Lardner LLP

SBA Change of Control Guidance Does Not Work for Insolvent PPP Borrowers

Foley & Lardner LLP on

This article focuses on the recent “change of control” guidance issued by the SBA to its PPP lenders (the “Guidance”) and, more specifically, how that Guidance affects insolvent PPP borrowers when they need to sell assets. As...more

Lowenstein Sandler LLP

The Consolidated Appropriations Act Of 2021 Amendments To The Bankruptcy Code As It Pertains To Business Debtors

Lowenstein Sandler LLP on

On December 21, 2020, Congress passed the Consolidated Appropriations Act of 2021 (the Act), which was just signed by President Donald Trump. The Act makes certain amendments to the United States Bankruptcy Code (the...more

Obermayer Rebmann Maxwell & Hippel LLP

Big Changes to Small Business Bankruptcies: Timely Amendments to The Bankruptcy Code Throw A Lifeline to Small Businesses...

The Small Business Reorganization Act (“SBRA”), which became effective February 19, 2020 after being signed into law in August 2019, created a new Subchapter V of Chapter 11 of the Bankruptcy Code with a stated purpose “to...more

Miles & Stockbridge P.C.

Maryland Bankruptcy Court Rules PPP Funds and Lease Rejection Damages Claims Not Considered for Purposes of Debtor Eligibility...

The Small Business Restructuring Act of 2019, Pub. L. 116-54, 133 Stat. 1079 (Aug. 23, 2019) (SBRA) became effective February 19, 2020. SBRA, among other things, created a new Subchapter V under Chapter 11 of Title 11 of the...more

Patterson Belknap Webb & Tyler LLP

Proposed Amendments to the CARES Act Would Expand Access to PPP Loans to Small Businesses in Chapter 11

The paycheck protection program (“PPP”) has been one of the most popular aspects of the CARES Act (i.e., the initial legislation responding to the COVID-19 pandemic). Yet, as has been widely reported, debtors in chapter 11...more

41 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide