Randall and Waldner PLLC

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(but nothing has changed)

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Bankruptcy Consultation

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Bankruptcy Consultation

CARES ACT LOANS

In an attempt at keeping our economy warm through the hoped-for end of the pandemic, the United States Congress enacted key pieces of legislation that would essentially flood the marketplace with cash “loans.” The newly enacted law (aptly named Coronavirus Aid, Relief, and Economic Security (CARES) Act), was designed, in part, to benefit people who operated small businesses by providing them with loans that could be forgiven if the proceeds were spent according to published guidelines. In further attempts to shelter small business owners, the CARES Act enlarged certain other parameters in the bankruptcy law designed to permit the debtor broader discretion in reorganizations, all in an effort to save those small business owners from financial collapse. These bankruptcy enlargements, however, are not permanent meaning that the benefits will be lost if the debtor fails to timely file a bankruptcy petition to reorganize.

Perhaps the real significance of a CARES Act loan is that, while providing a very much needed cash infusion at perhaps a business owner’s most critical time, being granted one of these loans does not ensure success and may actually invite trouble. Understandably, obtaining a loan can be so comforting in the short term that the small business owner is lulled into a false sense of security believing that they’ve done everything possible to continue their businesses. But understand this, going into CARES Act debt is for most business owners only the first stage in recovery. The real challenge comes after the loan is granted. The real challenge for the small business owner is to recognize how the market landscape has changed and adapt accordingly. This will usually take time; up to seven (7) years is in fact recognized by the CARES Act.

The ones who are most likely to successfully emerge into this Newest World that has just unfolded around us will be those who can best reimagine what our lives will be like going forward. This may also require a redefinition of what “success” really means. For each small business owner that definition will be somewhat different requiring that different and unique approaches (be considered).  And the ones who are most likely to find their best path will be those who understand the importance of strategic planning.

We at the law firm or Randall & Waldner, PLLC, want our Small Business Clients to survive and to be rewarded by the ability to pass down an enterprise from one generation to another. We have broad experience not just with the implementation of the bankruptcy laws but, in the larger sense, with good business practices that extend across a broad range of financial disciplines including general business law, accounting, taxation, insurance, succession and litigation. We don’t do all of this ourselves but work with your own professionals in order to make everyone know what is expected and to make sure that we are all rowing to the same beat. We believe that our Clients couldn’t be in better hands.

5 Star Reviews

Diane Evans

Diane E.

WOULD HIGHLY RECOMMEND HIM TO ANYONE IN NEED OF SUCH SERVICES.

I worked with William on an extremely difficult and stressful bankruptcy case. William is terrific! Responsive and caring attorney who got a very bizarre situation resolved for me, was able to work with my mortgage company and get me my life back! Even long after my case was discharged he continues to be there for questions and support to the point where I now consider him a treasured college and dare I say friend. Very knowledgeable in bankruptcy law, super communicative and caring.

Rohan M

Rohan M.

I WAS VERY SATISFIED AND WOULD HIGHLY RECOMMEND YOUR LAW FIRM.

With my experience, you've done a great job, everything went quickly and Smooth. Your explanation and guidance was clear and very easy to follow. I was very satisfied and would highly recommend your law firm.

Luis T.

Luis T.

I WOULD HIGHLY RECOMMEND HIS SERVICES TO ANYONE.

My experience with the Law Office of William Waldner was extremely beneficial. The process for me was frightening at first but Mr. Waldner made me feel at ease. It was a great experience during which he helped me by explaining everything clearly, working with me on payments, which were affordable. The entire atmosphere was professional, quick and efficient. Everything was fast and simple and I would highly recommend his services to anyone.

Chris Z

Chris Z.

IN MY OPIONION HE IS THE BEST.

I finally found an honest, experienced and affordable attorney in NYC. I Interviewed a few dozen before I found Mr. Waldner and in my opinion he is the best.

Shawn H.

Shawn H.

WOULD HIGHLY RECOMMEND HIM TO ANYONE IN NEED OF SUCH SERVICES.

My experience with William Waldner was more than excellent - it was fantastic! From my first consultation meeting to the actual hearing, he always made me feel at ease and gave me all the information and tools I needed to feel 100% confident that my case would be a slam dunk. He was attentive and had genuine interest and concern for my individual case, while at the same time managed to be efficient and respond to my questions and concerns very quickly. All of this being said and after much research into other attorneys, his fee was very reasonable. With William's help, I can now focus on my future and I am on track to achieve financial freedom.

Steven S.

Steven S.

WOULD HIGHLY RECOMMEND WILIAM WALDNER.

I assisted a close friend during her bankruptcy experience and discovered the William Waldner office in midtown Manhattan. Mr Waldner thoroughly explained the bankruptcy process, reviewed options and patiently walked her through the process. He is a highly skilled professional, client focused and accommodated my friend, who is plagued with health problems. We highly recommend William Waldner.

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