In addition to SBA Loans, with and without debt forgiveness components, there exists a recently passed bankruptcy act that has gone into effect that gives small businesses the ability to restructure and reorganize themselves. Small businesses means debts under $2.75MM for now, but under the new legislation passed by the Senate that threshold will be $7.5MM (for a period of one year, then it will go back to $2.75MM). A subchapter V of Chapter 11 operates like a streamlined reorganization plan for small businesses that forces creditors to stop taking action against them, and gives businesses who need time to pay the ability to restructure debts in order to move forward as a going concern.
Locations in Illinois & Wisconsin
Chicago: 216 S Jefferson St, Suite 504, Chicago, IL 60661 • (312) 382-1600
Milwaukee: 250 E. Wisconsin Avenue, Suite 1800, Milwaukee, WI 53202 • (414) 276-4080
Pleasant Prairie: 10411 Corporate Dr, Pleasant Prairie, WI 53158 • (262) 857-1600