June 21, 2022, President Biden signed into law amended S. 3823, the Bankruptcy Threshold Adjustment and Technical Corrections Act. The Act was previously passed by the United States House of Representatives on June 7, 2022, and by the Senate on April 7, 2022.
The President signed legislation raising the eligible debt ceiling for Subchapter V of Chapter 11 to $7,500,000. Small businesses with up to $7,500,000 in noncontingent, liquidated.
Bill Signed: S 1097, S 2520, and S 3823 miragenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miragenews.com Daily Mail and Mail on Sunday newspapers.
Small businesses with up to $7,500,000 in noncontingent, liquidated debts will once again be eligible for relief under Subchapter V for another two years. The ceiling was previously raised to $7,500,000 as part of the CARES Act in 2020, but lapsed back to $3,024,725.