Amid the throes of the COVID-19 pandemic, industries across the U.S. economy have been impacted in unprecedented ways. Small businesses in the service industry, including restaurants, continue to experience significant disruption in their operations and correspondingly their ability to generate cash flow and profits. Since the outbreak of the virus, restaurants have experienced the forced closure of their dining rooms due to government orders, leaving only those that could operate at reduced capacity through take-out or delivery services. Consequently, U.S.

Faced with the unprecedented challenge of responding to the COVID-19 crisis and its impact on the nation’s economy, Congress passed the Coronavirus Aid, Relief and Economic Security Act, commonly referred to as the CARES Act. The CARES Act includes several provisions designed to assist individuals and businesses dealing with this emerging economic catastrophe.

Introduction

Congress recently sent two different bills to the President’s desk that are designed to provide an easier path for family farming operations and small businesses to reorganize under the Bankruptcy Code: the Family Farmer Relief Act of 2019 and the Small Business Reorganization Act of 2019.

The legalization of marijuana and the Bankruptcy Code continue to proceed on a crash course. A majority of states have legalized marijuana for medical use, and a growing number have legalized recreational use as well. As a result, the industry is rapidly expanding – national sales in legal markets have increased 34 percent in 2018 to $10.8 billion.

Should the laws of the United States have effect outside of the United States? For that matter, should the laws of other countries have effect outside of their borders, and inside the United States? These are pretty fundamental questions about what should be the world order. A recent decision of the Second Circuit Court of Appeals, a bankruptcy case with a high likelihood of reaching the U.S. Supreme Court, takes on that issue. It is a case to watch.

In certain states, including Minnesota, a resident may file a bankruptcy case and elect to protect certain assets under the Bankruptcy Code. The Bankruptcy Code provides that these exemption amounts are automatically adjusted for inflation every three years. In short, the adjustments are based on changes to the Consumer Price Index for All Urban Consumers published by the Department of Labor, rounded to the nearest $25.