Effective February 19, 2020, the Small Business Reorganization Act (SBRA) provides a simple, affordable, and effective way for small businesses to restructure. In recognition of the terrible effects that COVID-19 is having on our economy, Congress has temporarily increased the debt limit for business to file under the SBRA. The CARES Act makes businesses or business owners' who have under $7,500,000.00 eligible for the streamlined process under the SBRA.
Among the cost-saving provisions of the SBRA are:
These provisions make the Chapter 11 reorganization process more accessible and affordable for small businesses without the economic resources to absorb the more cumbersome aspects of a larger Chapter 11 case. The SBRA provides a pathway for small businesses to restructure from the extraordinary strain caused by COVID-19 and the associated economic damage.
With over 70 years of combined bankruptcy and restructuring experience, the Salkin Law Firm is able to assist you in restarting your business and resolving your debt. For more information, please contact Sonya Salkin Slott at email@example.com or by phone at 954-423-4469 or 352-225-3920.