Photo courtesy of Shutterstock SBRA Proves Critical in Wake of Hardship Caused by COVID-19
The Small Business Reorganization Act of 2019 went into effect just in the nick of time when small businesses struggling from the wake of the pandemic need debt relief more than ever.
September 18, 2020 at 03:00 PM
8 minute read
The Small Business Reorganization Act of 2019 (SBRA) went into effect on Feb. 19, 2020 and amended Chapter 11 of the Bankruptcy Code to include a new "subchapter V." Subchapter V is intended to provide an alternative to liquidation for struggling small businesses where a more traditional (and expensive) Chapter 11 process is not a viable option. The SBRA is designed to alleviate costs typically associated with a Chapter 11 case and to achieve greater efficiencies in the overall process, thus allowing a small business debtor to rehabilitate its financial affairs while continuing to operate and preserve jobs.
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