| Weekly Bankruptcy Filings | ||
| September 14-20, 2020 | ||
| Case Type | Filings | Percent Change from Same Week in 2019 |
| Total | 8,911 | -38.1% |
| Ch. 7 | 6,345 | -28.5% |
| Ch. 11 | 302 | 106.8% |
| Ch. 13 | 2,254 | -57.9% |
| Other* | 10 | -37.5% |
| *Ch. 9, 12,15 | ||
Weekly filing data compiled from PACER and is subject to slight revisions.
For past reports, please click here.
Whether Congress extends the PPP Loan Program is up in the air, but questions remain about whether the proposed legislation is the right approach.
Let’s be candid: $659 billion just doesn’t go as far as it used to. In just two short weeks, the entire $349 billion allocation for small business loans under the landmark CARES Act Payroll Protection Program (PPP), part of the single-largest government stimulus package in history, was completely exhausted by the onslaught of distressed businesses (the “PPP I Loans”).
The already notorious Paycheck Protection Program (PPP)is part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). $349 billion of PPP funding became available on Friday, April 3, and less than two weeks later all $349 billion was disbursed or committed to being disbursed. Congress then passed legislation adding $310 billion of PPP funding.
As PPP "Part II" loans are anticipated to be exhausted in 72 hours by small businesses struggling during the financial distress of the COVID-19 pandemic, will there be a "Part III, IV and V" on the horizon for the program? Read Stinson LLP's Tom Salerno provides his take in "This DIP Loan Should Be Brought to You by Someone Who CARES," Part Two.
Thomas J. Salerno of Stinson, LLP (Phoenix) and G. Neil Elsey of Avion Holdings, LLC (Scottsdale, Ariz.). proffer eight predictions as to how COVID-19 will alter the restructuring landscape in both the near term (and possibly longer).
Written by: Wilmer Hale
ABI members: Benjamin Loveland, George Shuster, Jr.
According to a special ABI commentary by Thomas J. Salerno, Gerald Weidner, Christopher Simpson and Susan Ebner of Stinson, there could be another substantial implication of the CARES Act for the brave new bankruptcy world: a new potential source of DIP financing.
It is time for the federal government to stop asserting positions that only harm the very constituency that the CARES Act was intended to assist, create burdens on an already stressed court system, and create additional fees, costs and delays for borrowers in bankruptcy.
The impact on U.S. business is already severe. The bankruptcy and restructuring landscape is likely to be altered in ways that may not be easy to predict.
Although a bankruptcy filing may keep the doors open, the cost of a bankruptcy can be overwhelming when you may have been able to address the situation through an alternative pay arrangement with your landlord.
A novel coronavirus is a new coronavirus that has not been previously identified. The virus causing coronavirus disease 2019 (COVID-19) is not the same as the coronaviruses that commonly circulate among humans and cause mild illness, like the common cold.
Visit the CDC's COVID-19 Prevention and Treatment page to learn about how to protect yourself from respiratory illnesses, like COVID-19.
Plan for potential changes at your workplace. Talk to your employer about their emergency operations plan, including sick-leave policies and telework options.
Learn how businesses and employers can plan for and respond to COVID-19 at the CDC.
