Publications

Insights into the middle market.

COVID-19 Publications

Legal Updates
  • Labor Law Amendments Mean New Wage Notices and Wage Statements for All Who Are Subject to Wage Parity
    July 28, 2020

    While everyone’s attention was fixed on COVID-19 and the surrounding chaos, New York State Governor Andrew Cuomo signed the state budget for fiscal year 2020-2021, ushering in several new labor laws and amendments. Some of these such amendments concern the Home Health Care Worker Wage Parity Law (Wage Parity Law) and New York’s Wage Theft Prevention Act (WTPA).

  • SBA Issues New Interim Final Rule for Paycheck Protection Program– Guidance Your Business Should be Aware Of
    July 1, 2020

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.

  • New Executive Order Extends Travel Ban for Certain Visas
    June 23, 2020

    An executive order further limiting entry for nonimmigrant workers in H-1B, H-2B, L-1 and J-1 status (and their dependents) will take effect on June 24, 2020, at 12:01 am and will remain in effect through December 31, 2020.

  • U.S. Supreme Court Issues Decision Upholding DACA
    June 19, 2020

    On June 18, 2020, the U.S. Supreme Court, in a 5-4 decision delivered by Chief Justice John G. Roberts, ruled that the administration was barred from terminating the Deferred Action for Childhood Arrivals (DACA) program.

  • Internal Revenue Service Announces Relief for Qualified Opportunity Zone Investors
    June 11, 2020

    On June 4, 2020, the Internal Revenue Service issued Notice 2020-39, which provides temporary relief to qualified opportunity funds (QOFs) and their investors as a result of the COVID-19 pandemic.

  • Federal Reserve Bank of Boston Modifies Main Street Lending Program
    June 10, 2020

    The Federal Reserve Bank of Boston announced changes to the Main Street Lending Program (Program) to allow more small and medium-sized businesses to be able to participate in the Program. 

  • Federal Reserve Advances Towards Launching Main Street Lending Program
    June 9, 2020

    The Federal Reserve recently announced that the Federal Reserve Bank of Boston has set up the special purpose vehicle (SPV) to purchase participations in loans originated by eligible lenders under the Main Street Lending Program (Program). In addition, Program loan participation agreement, form borrower and lender certifications, and other required form agreements are now available on the Federal Reserve Bank of Boston’s Main Street Lending Program Forms and Agreements website. The Federal Reserve also updated its Frequently Asked Questions (FAQs), dated May 27, 2020.

  • Amendment to CARES Act and PPP Loan Forgiveness
    June 5, 2020

    On June 5, 2020, President Trump signed H.R. 7010 (the Bill), which the Senate had unanimously passed. The Bill amends several provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Paycheck Protection Program (PPP).

  • USCIS Resumes Premium Processing for I-129 and I-140 Petitions in a Phased-in Approach
    June 2, 2020

    Premium processing, the vehicle utilized by many U.S. petitioners filing for nonimmigrant and immigrant-based benefits is being resumed by U.S. Citizen and Immigration Services (USCIS) with a phased-in approach commencing June 1, 2020. USCIS notified the public on May 29, 2020, that the suspension of premium processing originally announced on March 20, 2020, would be lifted and a resumption of the popular 15-calendar day ”fast track” turnaround would be implemented as outlined below.

  • Alternative Loan Options For Certain Small Businesses, Non-Profits and Landlords in New York State
    May 28, 2020

    For certain small businesses, non-profits and landlords who did not receive a Paycheck Protection Program loan or an Economic Injury Disaster Loan from the Small Business Administration, New York State is making available loans under the New York Forward Loan Fund (NYFLF). The NYFLF is a new economic recovery loan program aimed at supporting New York State’s small businesses, non-profits and landlords as they reopen after the COVID-19 outbreak and New York State on PAUSE.

  • New York City Council Passes Suspension of Personal Guarantees for Certain Commercial Tenants
    May 27, 2020

    On May 26, 2020, New York City Mayor Bill de Blasio signed the City Council’s bill No.1932-A (the Personal Liability Bill). The Personal Liability Bill adds a new section 22-1005 to the administrative code of the City of New York, suspending the enforcement of personal liability provisions for certain commercial tenants affected by the COVID-19 crisis.

  • SBA Releases Additional PPP Loan Review Guidance
    May 27, 2020

    On May 22, 2020, the Small Business Administration (SBA), in consultation with the U.S. Department of Treasury, published an interim final rule (the Review Guidance) to supplement previous Paycheck Protection Program (PPP) loan forgiveness guidance. The Review Guidance is intended to establish the standards by which the SBA will investigate whether a loan met program requirements and the circumstances under which it will be released from liability on a guarantee for such a loan.

  • SBA Releases Additional PPP Loan Forgiveness Guidance
    May 26, 2020

    On May 22, 2020, the Small Business Administration, in consultation with the U.S. Department of Treasury, published an interim final rule to supplement previous Paycheck Protection Program loan forgiveness guidance.

  • Eligibility Requirements for Federal Reserve’s Main Street Lending Program
    May 21, 2020

    Federal Reserve Chairman Jerome Powell announced on May 19, 2020, before a Senate Committee that the Main Street Lending Program (Program) is anticipated to be launched around the end of May. Prospective borrowers should be preparing for making loan applications with participating lenders when the Program commences.

  • COVID-19 Pandemic: An Increase in Business Divorce?
    May 19, 2020

    One need not have a specialized “barometer” to anticipate an onslaught of partnership storms for closely held businesses. Similar to the way in which sociologists and family counselors have predicted unfortunate spikes in marital divorce rates across the nation, all largely the result of our global pandemic and our ongoing attempts to adjust to this so-called “new normal,” we too have seen increased rancor among business partners. Interestingly, the unrest is not limited to businesses that are failing or otherwise suffering. Regrettably, we are also seeing increased partner discord in healthy thriving enterprises.

  • SBA Releases PPP Loan Forgiveness Application and Instructions
    May 18, 2020

    On May 15, 2020, the Small Business Administration, in consultation with the U.S. Department of Treasury released the Paycheck Protection Program (PPP) Loan Forgiveness Application (the Forgiveness Application) and detailed instructions for the Forgiveness Application. To apply for PPP loan forgiveness, the borrower must complete the Forgiveness Application and submit the completed application and required documentation to its lender.

  • SBA Extends Good Faith Certification Safe Harbor Until May 18, 2020 and Loan Increases for Certain Partnerships
    May 15, 2020

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.As the PPP went into immediate effect without the standard comment period, the SBA continues to issue additional guidance in the form of Frequently Asked Questions (FAQs) and responses as well as Interim Final Rules (IFRs). The most recently updated FAQs, current as of May 13, 2020, are available here and the most recently issued IFRs are available here. Importantly, the U.S. government will not challenge lender PPP actions that conform to the FAQs, and to IFRs and any subsequent rulemaking in effect at the time.

  • Prioritized Examination for Certain COVID-19 Related Patent Applications
    May 14, 2020

    On May 8, 2020, the United States Patent and Trademark Office (USPTO) announced a new program for expediting certain COVID-19 related patent applications. Under the COVID-19 Prioritized Examination Pilot Program, the USPTO will grant requests for prioritized examination to small or micro entity status applicants without requiring payment of the typical prioritized examination fees. Also under this program, the USPTO will endeavor to reach final disposition of applications within six months if applicants are responsive.

  • New York Extends Moratorium on Evictions and Tolling of Statute of Limitations
    May 11, 2020

    On May 7, 2020, New York State Governor Andrew Cuomo signed Executive Order No. 202.28 (the Executive Order), extending the existing moratorium on evictions and foreclosures for an additional 60 days. The Executive Order also extended time periods set forth in certain prior executive orders, including tolling all statutes of limitations until June 6, 2020.

  • SBA Issued Additional FAQ on Paycheck Protection Program on May 6, 2020 – Guidance Your Business Should Know
    May 7, 2020

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic. As the PPP went into immediate effect without the standard comment period, the SBA continues to issue additional guidance in the form of Frequently Asked Questions (FAQs) and responses. The most recently updated FAQs, current as of May 6, 2020, are available here. Importantly, the government will not challenge actions that borrowers and lenders take consistent with the guidance in effect at the time.

  • The Paycheck Protection Program – Additional Guidance
    April 27, 2020

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.As the PPP went into immediate effect without the standard comment period, the SBA continues to issue additional guidance in the form of Frequently Asked Questions (FAQs) and responses. Importantly, the government will not change actions that borrowers and lenders take consistent with the guidance in effect at the time.

  • The U.S. Department of Treasury Issues Updated Guidance on Borrower Certification
    April 24, 2020

    On April 23, 2020, the U.S. Department of Treasury (Treasury) issued an updated FAQ (the Updated Guidance) with one additional Q and A (Q31) that addresses the required certification that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” The Updated Guidance emphasizes that a borrower must assess its economic need for a PPP loan at the time of its application in addition to reviewing applicable affiliation rules to determine eligibility.

  • Immigration Update During COVID-19
    April 13, 2020

    In our recent Immigration Alerts, we discussed United States Citizenship and Immigration Services (USCIS) closures and updates regarding labor condition posting notices in the context of nonimmigrant visa applications in light of the "new world" of telecommuting during the COVID-19 era. We also recently discussed travel restrictions to and from the United States. This alert includes further updates that are worthwhile to relay to our readers at this time.

  • New York Governor Andrew Cuomo Signs Executive Order Allowing Virtual Notarial Acts Through April 18, 2020- Update
    April 8, 2020

    In the latest in the string of Executive Orders signed under Section 29-a of Article 2-B of the Executive Law which allows the Governor to "issue directives during a disaster emergency necessary to cope with the disaster," on March 19, 2020, Governor Cuomo signed Executive Order 202.7 which expands the ability of a New York Notary Public to perform their duties virtually during the State disaster emergency declared in response to the Coronavirus/COVID-19 pandemic.

  • U.S. Department of Treasury Provides FAQ for Paycheck Protection Program
    April 8, 2020

    On April 6, 2020, the U.S. Department of Treasury, in conjunction with the Small Business Administration (SBA), published guidance for the Paycheck Protection Program (PPP) as Frequently Asked Questions (FAQ). The FAQ provides guidance to borrowers and lenders as to the SBA’s interpretation of the CARES Act and the PPP Interim Final Rule published on April 2, 2020.

  • Small Business Administration Provides Interim Final Rules for Paycheck Protection Program
    April 4, 2020

    On April 2, 2020, the Small Business Administration (SBA) issued its Interim Final Rules (the Interim Rules) for the Paycheck Protection Program (PPP). The Interim Rules include examples to illustrate the methodologies used to calculate loan amounts. Additionally, the U.S. Treasury Department released an updated Application Form.

  • The Expanded Disaster Relief Program Under The CARES Act: Expedited Disaster Loans and Grants from the SBA
    April 4, 2020

    Among the economic relief provisions for businesses in the Coronavirus Aid, Relief and Economic Security Act (CARES Act) is an expansion of the existing Economic Injury Disaster Loan program (EIDL) with expanded eligibility and more favorable loan terms, i.e., lower interest rates and longer terms. Even if the loan is ultimately denied, the applicant may obtain an emergency EIDL grant of $10,000 within a matter of days. The business does not have to accept the loan and can still keep the grant. The grant does not have to be repaid.

  • COVID-19 Update: Guidance and Forms
    April 1, 2020

    Guidance and forms are now available for employers to use in documenting leave requests and complying with requirements under the new federal and state COVID-19 leave laws.

  • The Securities and Exchange Commission Issues Warning on COVID-19-Related Insider Trading
    March 30, 2020

    The Securities and Exchange Commission (SEC) recently issued a strong warning to corporate insiders against trading based on nonpublic information related to COVID-19. This cautionary statement comes after public reports of stock sales by the CEO of the New York Stock Exchange and his wife, Senator Kelly Loeffler.

  • The Coronavirus Aid, Relief, and Economic Security Act: What it Means for Your Business
    March 29, 2020

    The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest emergency spending measure in U.S. history, has been passed by both houses of Congress and was signed into law by President Trump on March 27, 2020, in response to the Coronavirus (COVID-19) pandemic.

  • U.S. Department of Labor and U.S. Citizenship and Immigration Services Adjust Regulations Due to COVID-19 Developments
    March 26, 2020

    U.S. Department of Labor changes regulations relating to H-1B, H-1B1 and E3 workers transferred to locations outside the intended metropolitan statistical area ("MSA").

  • New York Paid Leave and Job Protection for COVID-19 Quarantine or Isolation Order
    March 25, 2020

    On March 18, 2020, New York State adopted new legislation providing employees subject to the Coronavirus (COVID-19) quarantine or isolation order with immediate sick leave, disability benefits and paid family leave. These benefits apply to employees who cannot work (including an inability to work remotely).

  • U.S. Federal Government Announces New Emergency Paid Sick Leave Act and Modifies Family and Medical Leave Act
    March 20, 2020

    On March 18, the President signed the Families First Coronavirus Response Act. Among other emergency aid initiatives, the Act mandates paid sick leave as well as amends the Family and Medical Leave Act (FMLA) to provide job-protected leave for employees impacted by COVID-19. Outlined below are key provisions.

  • U.S. Immigration Developments March 2020: USCIS Closes Northern Border With Canada, Suspends Local Office Operations and Suspends H-1B Premium Processing
    March 19, 2020

    On March 18, the President ordered that by mutual consent, with the government of Canada, our country will close its northern border to non-essential traffic. The President confirmed that trade will not be affected. Details will be forthcoming.

  • Regulatory and Legislative Bodies Seek to Broaden Scope of Business Interruption Insurance Coverage in Wake of COVID-19
    March 19, 2020

    The following regulatory and legislative developments have been announced in the wake of the novel Coronavirus (COVID-19). These developments appear to reflect the desire of legislative and regulatory bodies to make business interruption insurance policies, which are generally drawn narrowly, to be more broadly construed to cover the COVID-19 pandemic. These regulatory and legislative developments, like COVID-19, are fast-moving and subject to change.

  • Non-Essential Businesses Must Convert 75% of Workforce to Remote Working Arrangements by March 20
    March 19, 2020

    New York State Governor Andrew Cuomo announced that his Executive Order 202.6 requiring non-essential businesses to keep 50% of their workforce offsite has been updated to increase that number to 75%. This means that if your business is deemed non-essential, you may only have 25% of your workforce working in the office or "onsite" starting Friday, March 20.

  • Administration Restricts Travel to the United States for Europeans for Thirty Days Commencing March 13, 2020
    March 13, 2020

    On the evening of March 11, the President announced that commencing at midnight on Friday, March 13, all travel from Europe will be suspended for thirty days.



Articles
  • Paycheck Protection Program Extended Through August 8, 2020
    July 7, 2020

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.

  • Federal Reserve Bank of Boston Announces Main Street Lending Program Is Fully Operational
    July 7, 2020

    The Federal Reserve Bank of Boston announced the Main Street Lending Program is “now fully operational, ready to purchase participations in eligible loans that are submitted to the program by registered lenders.”

  • New York State Reopening: Status and Updates on Work From Home Requirements
    July 7, 2020

    New York City entered Phase III of reopening on Monday, July 6, 2020. However, indoor dining was postponed in New York City due to concerns regarding the risk of spreading COVID-19.

  • Project Restart: Strategy For Remobilizing Construction
    May 28, 2020

    New York State Governor Andrew Cuomo recently announced phased reopening of businesses, with the construction industry included in Phase 1. The Governor’s announcement means project owners in New York should prepare for construction to restart. Given the long pause of most projects in New York, contractors and subcontractors will first report to their most profitable projects where payments are made timely.  We recommend that owners consider taking the following steps before the construction ban is lifted to successfully restart their projects.

  • Main Street Loans: How Much May a Company Borrow?
    May 27, 2020

    Federal Reserve Chairman Jerome Powell announced on May 19, 2020, before a Senate Committee that the Main Street Lending Program (Program) is anticipated to be launched around the end of May. Prospective borrowers should be preparing for making loan applications with participating lenders when the Program commences.

  • Presidential Proclamation Halts Travel from Brazil Commencing May 26, 2020 at Midnight
    May 26, 2020

    On Sunday May 24, 2020, the White House issued a Presidential Proclamation (Proclamation) suspending the entry of travelers who have recently been to Brazil. This will become effective on May 26, 2020 at midnight. This travel ban is in addition to the ban currently in force for certain travelers from China, Europe, the United Kingdom, Ireland and Iran. The United States, Canada and Mexico also recently extended travel restrictions and crossing borders except in the case of "essential travel" until June 21, 2020. 

  • Form I-9 Employment Eligibility Verification Updates
    May 19, 2020

    Commencing May 1, 2020, employers verifying identity and employment authorization for their employees must use the October 21, 2019 edition of Form I-9: Employment Eligibility Verification. All U.S. employers must properly complete Form I-9 for each person they hire, regardless of whether the individual is a U.S. citizen, permanent resident or non-citizen. 

  • FDA Issues Guidance Related to CARES Act Amendments for Medical Device Manufacturers
    May 13, 2020

    The U.S. Food and Drug Administration (FDA) recently published a new guidance (the Guidance) related to medical device shortages or potential shortages during the COVID-19 pandemic The Guidance is meant to implement Section 506J of the Federal Food, Drug, and Cosmetic Act (FD&C Act) (21 U.S.C. 351 et seq.), which was added under Section 3121 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

  • SBA Issues Additional Guidance on Good Faith Certification
    May 13, 2020

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.

  • U.S. Citizenship and Immigration Services District Offices to Open on June 4 and Relax Agency Rules In Light Of COVID-19 Pandemic
    May 6, 2020

    U.S. Citizenship and Immigration Services (USCIS) recently announced its intention to begin reopening its nationwide district offices on or after June 4th.  District offices generally handle adjustment of status interviews for family and employment-based immigrant visa applicants, citizenship interviews and swearing-in procedures, as well as biometrics processing related to these applications.

  • SBA Issues Additional FAQ on Paycheck Protection Program
    May 5, 2020

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.

  • REMINDER: New York Employers Should Use This Form When Terminating/Furloughing Employees OR Reducing Length of Workweek!
    May 4, 2020

    Employers in New York State must provide any employee whose employment is ending (either permanently or until recalled) or who will be working less than four days per week and earning less than $504 with the following information: New York State Employer Registration Number, Federal Employer Identification Number (FEIN), Employer Name, and Employer Address.

  • Getting your Life and Estate Planning Documents in Order during a Health Crisis
    May 4, 2020

    As the world searches for a new normal, it is more important than ever to make sure that the interests of you and your loved ones are properly protected. We have compiled the below list of the basic life and estate planning documents that we recommend every adult (individuals over 18) have in place.

  • Revisions Announced to Main Street Lending Program
    May 4, 2020

    The U.S. Federal Reserve announced revisions to the Main Street Lending Program to facilitate lending to small and medium-sized businesses by eligible lenders. The U.S. Department of Treasury, using funds appropriated under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) will invest $75 billion in a special purpose vehicle (SPV) established by the Board of Governors of the Federal Reserve, which, along with a loan commitment from the Federal Reserve to the SPV, will enable up to $600 billion in new financing for eligible small and mid-sized businesses.

  • U.S. Department of Treasury Issues Guidance on PPP Loan Audits
    May 2, 2020

    On April 29, 2020, the U.S. Department of Treasury issued an updated FAQ. Notably, Q39 confirms Treasury Secretary Steven Mnuchin’s public statement that the SBA will audit all Paycheck Protection Program (PPP) loans in excess of $2 million upon submission of a loan forgiveness application.

  • IRS Issues Notice on Deductibility of Expenses Paid with Forgiven PPP Money
    May 2, 2020

    On April 30, 2020, the Internal Revenue Service (IRS) issued Notice 2020-32, which provides that no deduction is allowed for expenses paid with loan money forgiven under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

  • Federal Government Passes Act Providing Additional PPP and EIDL Funding – What Businesses Should Know
    April 24, 2020

    The Paycheck Protection Program and Health Care Enhancement Act (the Enhancement Act) was passed on April 24, 2020, and provides $484 billion in additional funding. Critically, the Enhancement Act includes additional funding for the Paycheck Protection Program (PPP) and the Emergency Injury Disaster Loan program (EIDL), both of which had run out of funding.

  • Executive Order Bars Many First-Time Immigrants from Entering the United States for 60 Days
    April 24, 2020

    On April 22, 2020, an Executive Order entitled "Proclamation Suspending Entry of Immigrants Who Present Risk to the U.S. Labor Market During the Economic Recovery Following the COVID-19 Outbreak," outlined a 60-day pause for immigrants entering the United States for the first time. This is a narrow order affecting employment-based immigrants only.

  • The Paycheck Protection Program – How to Obtain Forgiveness of Your Loan and Answers to Commonly Asked Questions
    April 22, 2020

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), a newly created loan program intended to allow employers to continue to pay their employees and assist with certain other expenses.

  • U.S. Federal Reserve Issues Guidance About Main Street New Loan Facility
    April 11, 2020

    On April 9, 2020, the U.S. Federal Reserve announced the creation of the Main Street New Loan Facility (Facility), to facilitate lending to small and medium-sized businesses by eligible lenders. Under the Facility and the Main Street Expanded Loan Facility, a Federal Reserve Bank will commit to lend to a single common special purpose vehicle on a recourse basis.

  • U.S. Department of Treasury Issues Additional Guidance for Paycheck Protection Program
    April 3, 2020

    Following the enactment of the Coronavirus Aid, Relief and Economic Security Act (CARES Act), small businesses and their advisors have been anxiously awaiting additional guidance from the U.S. Treasury Department (Treasury) regarding the Paycheck Protection Program (PPP). --  On March 31, 2020, Treasury issued its guidance.

  • Effects of COVID-19 on Various Patent and Trademark Offices Worldwide
    April 2, 2020

    The COVID-19 pandemic has had an impact on patent and trademark offices and operations globally. Below is a summary of changes seen over the past few weeks.

  • USPTO Extends Certain Patent and Trademark Deadlines
    April 2, 2020

    On March 31, 2020, in accordance with The Coronavirus Aid, Relief and Economic Security Act (CARES Act), United States Patent and Trademark Office (USPTO) Director Andrei Iancu issued a public notice regarding the extension of certain patent and trademark deadlines. 

  • CARES Act Increases Eligibility Threshold For Small Businesses To File Under New Subchapter 5 Of The Bankruptcy Code
    March 31, 2020

    On August 23, 2019, the Small Business Reorganization Act of 2019 was signed into law, creating a new Subchapter 5 of the United States Bankruptcy Code. The new law, which went into effect on February 19, 2020, is designed to streamline and expedite the debt restructuring process for small businesses which affirmatively elect to file bankruptcy under Subchapter 5.




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