On March 14, 2022, Senator Chuck Grassley (R-IA) introduced proposed legislation that—if enacted—would make permanent the $7.5 million debt limit applicable to debtors under subchapter V of chapter 11 of the Bankruptcy Code that has enjoyed only temporary status under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) for the
CARES Act
CARES ACT BANKRUPTCY PROVISIONS EXTENDED FOR ANOTHER YEAR
By Harriet Wallace on
The “COVID-19 Bankruptcy Relief Extension Act of 2021” was signed into law by President Biden on March 27, 2021, extending the key provisions of the COVID-19 Bankruptcy Relief Act which was enacted in the CARES Act for another year.
Section 1113 of the CARES Act, which temporarily amended bankruptcy law to assist individuals and businesses…