McKenna Storer attorneys have expertise in a wide variety of lending issues including loan documentation, SBA loan documentation, all phases of workout, lender liability, commercial loan issues and lender representation in bankruptcy. When necessary, they are ready to litigate any issues that may arise from loan origination through loan enforcement, including collection and foreclosure.
Our attorneys work closely with our clients to understand their particular needs and challenges. They provide counseling to help develop effective cost strategies to implement each client’s objectives.
During economic hardships, small businesses may need to utilize the oft option of filing for bankruptcy protection to reorganize their debt. Bankruptcy often is considered a last resort option. Yet, it provides a powerful mechanism for individuals and small businesses to reorganize and manage their debt. The Small Business Reorganization Act of 2019 (“SBRA”) added Subchapter V to chapter 11 of Bankruptcy Code to further assist qualifying businesses with debt relief. 11 U.S.C. §§ 1181-1195. The Debtor friendly provisions added to the Bankruptcy Code with Subchapter V of chapter 11, make reorganizing debt a more streamlined and less expensive process for small businesses.
As more states loosen the COVID-19 Shelter in Place laws and people begin to return to previously sheltered business, it is essential that businesses have a plan for how that return to work will look and, equally important, convey relevant portions of the plan to its employees.Continue Reading
The landscape of insurance coverage in this era of the COVID-19 Pandemic is likely to change as insurance lawsuits are being filed to determine scope of insurance coverage. Meanwhile, in direct response to COVID-19, several states are attempting to modify Commercial General Liability (CGL) Insurance policies through legislation to provide coverage, particularly business interruption insurance, post hoc-after the fact. President Trump has commented that businesses have paid premiums for business interruption insurance for years and relief should be available to insureds. It is important for businesses to take precautionary measures to preserve whatever coverages might be available, especially as the case law and legislation changes to meet the COVID-19 pandemic.
Different programs are available to assist small businesses during this COVID-19 disaster which has swept the country. Small businesses employ over 50% of our employed workers, and are straddled with great challenges in trying to navigate this crisis. Various sources are being developed to help small businesses, which may make the difference between survival and liquidation. These include loans, loans with forgiveness and outright grants with no repayment.
Illinois issued an executive order to protect healthcare workers against liability for negligent treatment of COVID-19 patients.
As more than a billion people are under some sort of quarantine law and numerous US states and foreign countries have “shelter in place” laws now shuttering many businesses, COVID 19 has caused a financial crisis for many businesses.