Bar Bulletin

Bar Bulletin

Subchapter V to Chapter 11: The COVID-19 Rescue Package That Arrived Before COVID?

November 2020 Bar Bulletin

By Chris Chicoine

According to the International Monetary Fund, U.S. unemployment hit 10.4% as of June 29. It was 3.7% this time last year.1 In response, Congress passed the Coronavirus Aid, Relief, and Economic Security Act of 2020 (CARES), providing nearly $3 trillion in financial relief to offset the economic impact of the COVID-19 pandemic.2 Although hopes are fading for another round of stimulus, perhaps the most effective tool doesn’t involve going further in debt.

Enter the Small Business Reorganization Act of 2019, signed into law on August 23, 2019, and in effect on February 29, 2020, which added Subchapter V to Chapter 11...

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