|October 4-10, 2021|
|Type of Case||Filings||Percent Change From Same Week in 2020||Percent Change From Same Week in 2019|
* Data on chapter 11 filings in prior years comes from the Integrated Data Base published by the Federal Judicial Center. This information is temporarily unavailable.
**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.
Man Admits Role in Nearly $7 Million Paycheck Protection Scheme
A man admitted in federal court in New Jersey that he participated in a scheme to fraudulently try to obtain nearly $7 million in Paycheck Protection Program loans, the…
Rising Rents Are Fueling Inflation, Posing Trouble for the Fed
Higher rents after a brief COVID-19 pandemic slump, burdening households and fueling overall inflation, are bad news for the Federal Reserve, possibly making today’s…
Vulnerable U.S. Homeowners Face Uncertainty as Mortgage Forbearance Ends
Close to half a million low-income homeowners in the United States, many of them minorities, are nearing the end of mortgage forbearance plans that allowed them to halt loan…
Close to 40% of U.S. Households Say They Face Financial Difficulties as Covid-19 Pandemic Continues
Nearly 40% of U.S. households said they faced serious financial difficulties in recent months of the COVID-19 pandemic, citing problems such as paying utility bills or credit…
U.S. Supply Chain Too Snarled for Biden Christmas Fix, Experts Say
President Joe Biden is pushing to ease supply shortages and tame rising prices in time for Christmas, but unsnarling U.S. supply lines could take far longer, experts told…
Consumer Prices Jump Again, Presenting a Dilemma for Government
Consumer prices jumped more than expected last month, with rent, food and furniture costs surging as a limited supply of housing and a shortage of goods stemming from supply…
IMF Foresees a Slight Drop in Global Growth from Pandemic
The International Monetary Fund is slightly downgrading its outlook for the global recovery from the pandemic recession, reflecting the persistence of supply chain disruptions…
Rhode Island Man Sentenced for PPP Fraud Scheme
A Rhode Island man was sentenced Tuesday to almost seven years in prison for fraudulently seeking more than $4.7 million in forgivable federal loans meant for businesses…
L.A. Port to Operate Around the Clock to Ease Cargo Logjams, White House Says
The White House on Wednesday is expected to announce a pledge from one of the country’s busiest ports to operate around the clock, a move aimed at easing cargo bottlenecks…
Racial Bias Skewed Small-Business Relief Lending, Study Says
From the very start of the Paycheck Protection Program last year, it was clear that minority entrepreneurs, especially Black business owners, struggled more than white…