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In the wake of the global COVID-19 pandemic, Congress hurriedly passed a host of economic relief bills to provide “American workers, families, and small businesses fast and direct economic assistance and to preserve jobs.” The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted in March 2020 to provide over $2 trillion in economic relief. The CARES Act included the Paycheck Protection Program (PPP) and certain follow-on acts that injected over $650 billion for small business and their employees. Additionally, small businesses were granted the right to apply for Economic Injury Disaster Loans (EIDL) offered by the U.S. Small Business Administration (SBA).
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Seventh Circuit Applies Safe Harbor to Private Securities Transaction
By Michael L. Cook
“… [T]he term ‘securities contract’ as used in [Bankruptcy Code] §546(e) unambiguously includes contracts involving privately held securities,” The Seventh Circuit held in Petr v. BMO Harris Bank, N.A.
By Lawrence J. Kotler and Elisa Hyder
In Lafferty v. Off-Spec Solutions, the U.S. Bankruptcy Appellate Panel of the Ninth Circuit held that the discharge exceptions under Section 523(a) do not apply to corporate debtors under Subchapter V of Chapter 11 of the Bankruptcy Code.
Merchant Cash Advances Could Be More Trouble Than They’re Worth
By Joseph Pack and Jessey Krehl
As small-business owners have continued to struggle in an uncertain economy, a growing number have begun the dangerous practice of relying on merchant cash advances — essentially seeking financial shelter in a lion’s den.
Biotech Industry Bankruptcy Case Update: ‘Zymergen’ and ‘Humanigen’
By Edward E. Neiger, Marianna Udem and Joo Hee Park
This Bankruptcy Case Update focuses on the recent biotech industry bankruptcy cases of Zymergen and Humanigen.
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