Tag Archives: Business Debt
Chapter 11 Bankruptcy And PPP Loans, SBA Loans
The SBA has begun pursuing collections against small businesses for the EIDL loans that were not forgiven. In the Tampa Bay area, we are seeing a lot of businesses having to appeal decisions made by the SBA regarding their forgiveness applications. Fortunately there are legal options. Businesses throughout the Tampa Bay area that have… Read More »
What Happens When a Business Got SBA Loans and Later Went through Bankruptcy?
In Spring of 2020 and later, many businesses throughout the Tampa Bay area received SBA loans as a form of COVID-19 relief. Those loans included loans through the Economic Injury Disaster Loans (EIDL) program and Paycheck Protection Program (PPP) loans. For some of those businesses, the loans were sufficient to cover the significant losses… Read More »
Personal Guarantees on Commercial Leases When a Business Closes or Files Chapter 7
When a business in the Tampa Bay area is struggling to pay its debts and to keep its doors open, the business owners might be considering the possibility of business bankruptcy or closure. For many businesses, Chapter 11 bankruptcy is the best option because it allows the business to remain open while reorganizing debts… Read More »
In Bankruptcy Because of Seller Fraud in a Purchased Business
All too often we meet clients who moved down to Florida with hopes of being in business for themselves. The story is the same each time. Sadly, a bad business purchase can lead to the loss of life savings, retirement funds, and personal bankruptcy. Meet “Bob” from Michigan. Bob worked in the corporate world… Read More »
Subchapter V Chapter 11 Bankruptcy for Health Care Practice
Health care providers in the Tampa Bay area who own their private health care practices have essentially taken on the professional roles of both health care provider and small business owner. To be sure, health care practices are businesses that have many things in common with other types of businesses in Florida, including managing… Read More »
SBA Loan Forgiveness and Bankruptcy | PPP Loan Discharge
Many small businesses in the Tampa Bay area applied for and have received SBA loans, including funding that has come from the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program. In theory, if these businesses meet the requirements outlined by the U.S. Small Business Administration (SBA), they can be eligible… Read More »
The Role of the Trustee in a Chapter 11 Subchapter 5 Small Business Bankruptcy
If your business is struggling to remain afloat, particularly as a result of the COVID-19 pandemic, you may be thinking about your options for a small business bankruptcy. Many restaurants and bars in Tampa Bay have been under immense financial strain, as have other types of retail establishments in the area. If you need… Read More »
Subchapter V of Chapter 11 for Small Business Debtors
Small business debtors in the Tampa Bay area that are planning to file for Chapter 11 bankruptcy should know that they can now elect to file for bankruptcy under Subchapter V of the U.S. Bankruptcy Code. This change occurred through the passage of H.R. 3311, also known as the Small Business Reorganization Act of… Read More »
Chapter 11 Post-Petition Payments to Food Vendors
When a restaurant or bar in the Tampa Bay area files for Chapter 11 bankruptcy, many of its suppliers may worry about whether they will receive payment for goods or services they have already supplied. Most vendors will assume that they will ultimately be repaid as long as they take the necessary steps in… Read More »
Business Lender and Personal Guarantees
When a Business fails, what can happen to the owner? Here are some common questions and answers about personal guarantees on business debt. Question: What are the basics every business owner needs to know about personal guarantees? Answer: Normally when a business owner signs a loan on behalf of its business, the creditor can… Read More »
