News & Analysis as of

Small Business Coronavirus/COVID-19 Financial Distress

Levenfeld Pearlstein, LLC

Congress Considers Another Extension to the Subchapter V $7.5 Million Debt Limit

On February 19, 2020, Congress enacted the Small Business Reorganization Act (“SBRA”) to, among other things, streamline the chapter 11 bankruptcy process for a small business by creating subchapter V of the Bankruptcy Code....more

Tarter Krinsky & Drogin LLP

New York City’s “Guaranty Law” is Held to be Unconstitutional and Unenforceable

In a highly-anticipated decision, Judge Ronnie Abrams of the United States District Court for the Southern District of New York ruled on March 31, 2023, in Melendez v. City of New York, that New York City's Guaranty Law is...more

Cadwalader, Wickersham & Taft LLP

Bring On Q4 - September 2021 - COVID-19 Update: New York Governor Signs New Moratorium Effective until January 15, 2022

On September 2, 2021, New York Governor Kathy Hochul signed into law a new moratorium on evictions and foreclosures for residential tenants and small businesses. Recently, in the case Chrysafis v. Marks, the U.S. Supreme...more

Cadwalader, Wickersham & Taft LLP

COVID-19 Update: New York Governor Signs New Moratorium Effective until January 2022

On September 2, 2021, New York Governor Kathy Hochul signed into law a new moratorium on evictions and foreclosures for residential tenants and small businesses.  Recently, in the case Chrysafis v. Marks, the U.S. Supreme...more

Cadwalader, Wickersham & Taft LLP

Summer's Coming, May 2021 | Issue No. 24 - COVID-19 Update: Governor Cuomo Extends Eviction and Foreclosure Moratorium until...

On May 5, 2021, New York Governor Andrew Cuomo signed a bill that extends the moratorium on evictions and foreclosures for residential tenants and small businesses to August 31, 2021. The previous moratorium expired May 1,...more

McCarter & English, LLP

SBA’s Guidance On The $28.6 Billion Restaurant Revitalization Grant Program

This week the Small Business Administration (SBA) provided guidance on how the $28.6 billion Restaurant Revitalization Fund will work. The Restaurant Revitalization Fund provides for qualified restaurants and other food...more

Cadwalader, Wickersham & Taft LLP

COVID-19 Update: Governor Cuomo Extends Eviction Protections for Small Businesses That Demonstrate a Financial Hardship

In December, New York Governor Andrew Cuomo signed the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020, which provided a moratorium on residential eviction and foreclosure proceedings until May 1, 2021....more

Holland & Knight LLP

Congress Enacts Temporary Bankruptcy Relief Related to COVID-19

Holland & Knight LLP on

Congress passed new, temporary bankruptcy relief measures late last year that impact certain commercial landlords and tenants. Among other things, the new legislation, which was signed into law on Dec. 27, 2020: 1) extends...more

Levenfeld Pearlstein, LLC

Legislation Introduced To Extend CARES And CAA Bankruptcy Provisions

On February 25, 2021, Senators Durbin and Grassley introduced bipartisan legislation to extend the expiration dates of certain bankruptcy provisions of the CARES Act and the Consolidated Appropriations Act to March 27, 2022. ...more

Cozen O'Connor

COVID Cash Crunch: Options for Reorganizing or Winding Down Your Company in Illinois

Cozen O'Connor on

The financial distress caused by the COVID-19 pandemic has left many companies reeling. With no clear end in sight, the bad news is that some businesses will be forced to pursue options for winding down or reorganizing....more

Morgan Lewis

Singapore Introduces ‘Simplified Insolvency Programme’ for Micro and Small Companies

Morgan Lewis on

Micro and small companies will be able to use a “Simplified Insolvency Programme” to be introduced by proposed amendments to Singapore’s Insolvency, Restructuring, and Dissolution Act 2018 (IRDA)....more

Hogan Lovells

Coronavirus: The Hill and the Headlines – COVID-19 D.C. Update – July 2020 #20

Hogan Lovells on

In Washington - Negotiations between Democrats and Republicans on a deal for the next coronavirus package remain far apart. The caucuses remain divided over unemployment benefits and state and local aid while the enhanced...more

Morgan Lewis

Debtors Need Not Apply? Continuing Developments on the SBA’s Authority to Deny PPP Loans to Debtor Applicants

Morgan Lewis on

The Small Business Administration on April 24 issued an update to an interim final rule, crystalizing its view that applicants that have sought protection under the US Bankruptcy Code are not qualified borrowers under the...more

Robinson & Cole LLP

Distressed Investors' Unexpected Tool: Understanding the Small Business Reorganization Act and Changes Related to the CARES Act

Robinson & Cole LLP on

In what seems like in the blink of an eye, a once robust economy quickly evaporated, leaving many small businesses with little to no revenue and depleted cash reserves. While many businesses are facing financial distress, the...more

Cooley LLP

Alert: Options for US Small Businesses in Distress in Age of COVID-19

Cooley LLP on

In the wake of the COVID-19 pandemic, more and more businesses are finding themselves in distress. According to Forbes, 30 million small businesses across the United States are experiencing financial distress, with half of...more

Orrick, Herrington & Sutcliffe LLP

NYC Council Approves Legislation to Aid Small Retail Businesses Affected by COVID 19 Pandemic

Certain guarantors of restaurant, retail, and other commercial leases in New York City may soon be off the hook for tenant defaults occurring during the COVID-19 pandemic, thanks to a bill recently passed by the New York City...more

Moore & Van Allen PLLC

COVID-19 - NC Legislative Update May 2020

Moore & Van Allen PLLC on

The General Assembly met on Saturday, May 2, to vote on compromise legislation for the State’s initial response to the Covid-19 pandemic. The legislation passed in two bills, one that primarily included appropriations and one...more

White & Case LLP

COVID-19: Belgian government grants a moratorium on insolvency and enforcement proceedings

White & Case LLP on

The effects of the COVID-19 outbreak leave many Belgian enterprises in financial distress, or even, for some of them, at risk of insolvency. In order to help these enterprises navigate the crisis and prevent them from going...more

Moore & Van Allen PLLC

COVID-19 - NC Legislative Update April 2020

Moore & Van Allen PLLC on

Thursday, April 30, was the third day of the legislative short session.  The session has dealt almost exclusively with the State’s response to the Covid-19 pandemic. On Wednesday, the Senate approved its response proposal by...more

Hinshaw & Culbertson LLP

SBA May Review Economic Uncertainty Certifications as Criticism Mounts Over PPP Loan Requests by Large Businesses with Adequate...

As part of the Paycheck Protection Program ("PPP") loan application, an applicant must certify, among other things, that "current economic uncertainty makes this loan request necessary to support ongoing operations of the...more

Robins Kaplan LLP

Financial Daily Dose 4.21.2020 | Top Story: Oil Prices Dip to Negative as Global Demand Dries Up During Pandemic

Robins Kaplan LLP on

Monday saw U.S. oil prices take an unprecedented plunge into negative territory, as “concerns grew that storage tanks in the United States were near capacity and unable to hold all the unused code” (with the “bizarre movement...more

Foley Hoag LLP

COVID-19 Relief Loans for Small Businesses - Updated

Foley Hoag LLP on

Small businesses adversely affected by COVID-19 may apply for special loans provided or guaranteed by the U.S. government. The program provided $349 billion available for two types of loans, both of which are now available...more

Hudson Cook, LLP

COVID-19 and MCA Transactions: Emergency Circumstances Demand Servicing Changes

Hudson Cook, LLP on

COVID-19 and the related emergency has had a dramatic effect on small businesses. States have implemented "stay-at-home" orders or otherwise ordered the closure of non-essential businesses, resulting in the virtual...more

Flaster Greenberg PC

Pennsylvania’s Business Relief Efforts in the Wake of COVID-19

Flaster Greenberg PC on

In the past few weeks, the Commonwealth of Pennsylvania has put forth several relief efforts directed towards businesses in an effort to alleviate the strain caused by the outbreak of COVID-19 or coronavirus. Governor...more

White and Williams LLP

Pennsylvania Announces COVID-19 Working Capital Access Program to Assist Small Businesses

On March 25, 2020, Pennsylvania Governor Tom Wolf announced the creation the COVID-19 Working Capital Access Program (CWCA) to aid small businesses affected by the coronavirus (COVID-19) pandemic. The CWCA is administered by...more

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