Political Quotes

“I thank the gentleman from California, my friend, for his work on this issue, and I thank the chairman for his work on this issue and their great leadership on this important initiative. Madam Speaker, in 2010, the National Bankruptcy Conference Small Business Working Group released and presented to Congress a report that identified a problem regarding small businesses and the bankruptcy law, and recommended amendments to the code to add a new chapter for small business reorganizations. As a result of this recommendation, I introduced the Small Business Reorganization Act, which was signed into law in August of 2019, and I am pleased to say it has been a great success for small businesses. It is my understanding that 80 percent of small business debtors have chosen to proceed under subchapter V, and preliminary data indicates that these cases are achieving confirmation far more often than small businesses who filed prior to SBRA. However, the Small Business Reorganization Act implemented only a month before the COVID-19 pandemic caused the State-mandated temporary closure of thousands of businesses.…”