The Government has published the COVID-19 Response (Further Management Measures) Legislation Bill (the Bill), an omnibus bill containing amendments (both temporary and permanent) to several acts. These amendments aim to both assist organisations in effectively managing the “immediate impacts of the response to COVID-19”, as well as mitigating some of the pandemic’s “unnecessary and potentially longer-term impacts on society”.
The Small Business Administration (SBA) violated federal law by imposing conditions for loans under the Paycheck Protection Program (PPP) that were not enacted in the Coronavirus Aid, Relief, and Economic Security Act, H.R. 748, P.L. 115-136 (CARES Act), Judge David Thuma has held.
While it did not focus on bankruptcy relief, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act contained provisions relating to small bankruptcy debtors.
As April rent came due, we armed you with what New York landlords and property managers need to know to formulate their business strategy. (Click here to see Part 1.) Payment of rent on April 1 turned out to be a mixed bag, with some properties experiencing a high level of payment or partial payment and some not. Payment of May rent is expected to be worse than April.
In this Part 2, we update you as the pandemic continues.
The Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 was passed by both houses of Parliament on 5 February 2020, with an amendment made by the Senate to review the operation and effectiveness of the legislation after five years accepted by the House of Representatives.
In August 2019, President Donald Trump signed the Small Business Reorganization Act of 2019 (SBRA or “the Act”) into law in an effort to address the fact that small businesses have struggled to reorganize under Chapter 11 of the Bankruptcy Code. 11 U.S.C. §§ 1181-1195 (Subchapter V). The goal of the Act was to make these bankruptcies faster and cheaper for all the parties involved.
For years, small business debtors have struggled with the intricacies of Chapter 11, the debt limitations of Chapter 13 and Chapter 7 bankruptcy liquidations. Stringent requirements and procedural hurdles often made restructuring a prohibitively expensive option for many small business debtors. Congress attempted to address these issues with H.R. 3311, the Small Business Reorganization Act (the “SBRA”). The SBRA, which was signed into law on August 23, 2019, creates a new subchapter, Subchapter V, of Chapter 11 of the Bankruptcy Code.
Coronavirus Aid, Relief, and Economic Security (CARES) Act
On 26 May 2020, the Dutch Parliament’s House of Representatives (Tweede Kamer) adopted the Act on confirmation of private restructuring plans (Wet homologatie onderhands akkoord (“WHOA”)). The next step will see the WHOA put to vote in the Senate.
On September 29, 2020, the House Judiciary Committee advanced H.R. 7370, Protecting Employees and Retirees in Business Bankruptcies Act of 2020, a Democrat-sponsored bill, to the full chamber. If enacted into law, the bill would usher in considerable changes in commercial bankruptcy cases, including in the areas of executive compensation, employee and retiree benefits, and confirmation of a Chapter 11 plan. Some of the more salient provisions of the bill are listed below; for the complete text of H.R.