Credit: NAR studio / Shutterstock.com PPP Loan Liability and Bankruptcy: Proceed with Caution
Borrowers should carefully assess the accuracy of their loan applications, as well as the evidence of supporting documentation, prior to filing petitions for bankruptcy relief.
January 27, 2021 at 12:00 PM
7 minute read
On March 27, 2020, the United States Congress enacted the Coronavirus Aid, Relief, and Economic Stabilization Act ("CARES Act"); two key components of this legislation were the Payroll Protection Program (PPP) loan program and an increase to $7.5 million of the debt limits for debtors seeking relief under the recently enacted Subchapter V of Chapter 11 of the Bankruptcy Code. 11 U.S.C. §§1181-1195.
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