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So many small business owners put all their hopes, dreams, time and often their life savings into their small business, and now stand helplessly wondering how to survive. Many businesses are suffering greatly from the effects of COVID-19 and the resulting shutdowns and closures, causing horrible cash-flow problems. The Paycheck Protection Program (PPP) turned out to be a mess, and was not helpful in keeping businesses afloat. Valued employees are laid off, perhaps never to return. The economic and medical future is uncertain. But, an extremely valuable tool has emerged, which, depending on the details, may be useful to save your small business, or to wind it down without suffering economic catastrophe.
The Small Business Reorganization Act (SBRA) is a new law which became effective on Feb. 19, 2020, and then was augmented by the CARES ACT. It is designed to provide a manageable route for small businesses to restructure, preserving value and long-term viability by successfully reorganizing through a specially constructed bankruptcy subchapter. It allows small businesses to remain in control of its business assets and to negotiate and propose a plan of reorganization which, if confirmed, allows it to preserve value and long-term viability by successfully reorganizing.
If you are lying awake at night wondering how you can save your small business, or how you can avoid losing your home thawhich you put up as collateral for a business loan, you owe it to yourself to talk to us.
With locations in Coral Springs, Coconut Creek, and Boca Raton, the law firm of Margery E. Golant, P.A. serves South Florida including the communities of Deerfield Beach, Coral Springs, Coconut Creek, Margate, Lauderdale Lakes, Pompano Beach, Tamarac, Oakland Park, Lauderhill, Plantation, Sunrise, Fort Lauderdale, Hollywood, Dania Beach, Davie, Cooper City, Pembroke Pines, Boca Raton, Delray Beach, Boynton Beach, Lake Worth, Greenacres, West Palm Beach, Rivera Beach, North Palm Beach, Palm Beach Gardens and Jupiter, and most of South Florida including Broward and Palm Beach Counties.
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