“Small businesses going through tough times shouldn’t have to deal with a mountain of paperwork designed for big businesses to reorganize and keep running. Senator Whitehouse and I passed the Small Business Reorganization Act in 2019 to streamline and remove barriers to the bankruptcy process for small businesses. In a largely bipartisan fashion, Congress has moved to build on the policy’s success to help more small businesses stay afloat. – especially in the face of difficult economic headwinds,” Grassley said.
“This is a win for small businesses and working families trying to get back on their feet after a few tough years,” said White House. “We must do all we can to help Americans recover from the pandemic and the economic turmoil it has unleashed. That is why I am happy that our bipartisan bill will soon be the law of the land.
“American families and small businesses facing economic hardship need help from Congress,” said Durbin. “Our bipartisan legislation will give small businesses and families more flexibility to navigate the bankruptcy system and get back on their feet. I look forward to President Biden signing the bill into law as soon as possible so they can have the tools they need to succeed.
The new legislation provides a two-year extension of the $7.5 million CARES Act increase and makes minor technical fixes to the Small Business Reorganization Act. more individuals the opportunity to try to save their homes from foreclosure.?