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.
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.