United States: CARES Act Bankruptcy Code Revisions Chart
United States: CARES Act Bankruptcy Code Revisions Chart

The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:

  • United States: CARES Act Bankruptcy Code Revisions Chart

On 27 March 2020, the president signed the CARES Act into law. The CARES Act is a stimulus package designed to address the impact of the novel coronavirus (COVID-19) on, among others, individuals, businesses, and hospitals. As part of this design, the CARES Act revises several sections of the Bankruptcy Code to afford relief to small business debtors and individuals that are coping with the coronavirus pandemic and its financial impact. These changes are effective immediately. This chart shows the Bankruptcy Code changes contained in the CARES Act.

OriginalCARES Act ChangesComments
S 1182(1). The term debtor means a small business debtor. 11 U.S.C. § 1182(1).
S 101(51D). The term ‘small business debtor’—
(A) subject to subparagraph (B), means a person engaged in commercial or business activities (including any affiliate of such person that is also a debtor under this title and excluding a person whose primary activity is the business of owning single asset real estate) that has aggregate non-contingent liquidated secured and unsecured debts as of the date of the filing of the petition or the date of the order for relief in an amount not more than US$2,725,625 (excluding debts owed to 1 or more affiliates or insiders) not less than 50 percent of which arose from the commercial or business activities of the debtor, and
(B) does

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