|May 9-15, 2022|
|Percent Change From Same Week in 2021||Percent Change From Same Week in 2020|
*Ch. 9, 12,15
Weekly filing data compiled from PACER and is subject to slight revisions.
For exclusive analysis and insight by ABI's Ed Flynn on the weekly filings, please click here.
For past reports, please click here.
- A New Challenge for Debtors Who Received PPP Loans Under the CARES Act
Can lenders refuse to forgive PPP loans when small businesses have filed for bankruptcy?
- Update on the Proposed Extension of the PPP Loan Program - Gotta Read That Fine Print!
On October 1, 2020, Senators Rubio and Collins reintroduced a different version of the Initial Proposed PPP III Legislation, S. 4773 (the “Amended PPP III Legislation”).
- Proposed Extension of the PPP Loan Program: A Nice First Step….
Whether Congress extends the PPP Loan Program is up in the air, but questions remain about whether the proposed legislation is the right approach.
- This DIP Loan Brought to You by Someone Who CARES - Part Two 1/2
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”).
- $659 Billion Disbursed Without Underwriting, Collateral or Guarantees: What Could Possibly Go Wrong?
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.
- This DIP Loan Brought to You by Someone Who CARES - Part II.
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.
- Title: 8 Predictions of the Coronavirus' Impact on the Bankruptcy World
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).
- COVID-19: Rethinking Chapter 11 Bankruptcy Valuation Issues in the Crisis
- This DIP Loan Brought To You By Someone Who CARES!
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.
COVID-19 Legal Information
- Summary of the Proposed HEALS Act by ABI's Legislation Committee
- Preliminary Injunction, Hildago County Emergency Service Foundation v Carranza, SBA Administrator (USBC ND Tex., May 8, 2020)
- TRO Against SBA Administrator (KP Engineering; USBC, SD Tex., May 6, 2020)
- Motion for TRO; PCT International v. SBA Administrator (USBC; D. AZ)
- The Springfield Hospital TRO against SBA Administrator and Memorandum of Decision (April 20, 2020; USBC, D. Vermont)
- Penobscot Valley Hospital v. Carranza (In re Penobscot Valley Hospital), Adv. No. 20-AP-1005 (Bankr. D. Me.)
- Calais Regional Hospital v. Carranza (In re Calais Regional Hospital), Adv. No. 20-AP-1006 (Bankr. D. Me.)
- Case Opinion: In re Roman Catholic Church for the Archdiocese of Santa Fe.
- Bankruptcy Judge Enjoins SBA from excluding debtor's PPP loan application (Hearing Transcript)
- Coronavirus Aid, Relief, and Economic Security Act (CARES Act; 116-136)
- Families First Coronavirus Response Act (P.L. 116-127)
- Coronavirus Preparedness and Response Supplemental Appropriations Act (P.L. 116-123)