The Small Business Recovery Act of 2020 has a very important component to it, Subchapter V. Though the new law went into effect pre-Covid it has turned out to be an important piece to small business COVID recovery. The new law offers small businesses essentially the same protections of Chapter 11, but on a small business scale and for far less expense. The new law allows for management and day to day decisions to remain with the business owner. No disclosure statements are required and filing fees can be spread out over the term of the reorganization plan. Subchapter V is poised to allow small businesses who were hard hit by mandatory closures and minimum capacity orders during the COVID pandemic to regroup and most importantly- recover.
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