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So many small business owners put all of their hope, dreams, time and often their life savings into their small business, and now stand helplessly wondering how it is going to survive, 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 not helpful to keep the business 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 brand 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, allowing the small business to remain in control of its business and 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 that you put up as collateral for a business loan, you owe it to yourself to talk to us.