legislation March 2
to update and expand the small wind investment tax credit (ITC). The Rural Wind Energy Modernization and Extension Act would strike the 100-kilowatt nameplate limitation for small wind systems and expand the maximum wind turbine size to 10 megawatts, change the definition of small wind to “distributed wind energy property,” and extend the ITC to cover 30% of a project’s costs until 2028 before phasing down to a permanent 10%. A companion bill was introduced in the House by Rep. Earl Blumenauer, D-Oregon.
Legislation introduced in the House of Representatives March 4 would
extend the renewable energy ITC for 10 years at a 30% rate. The Sunshine Forever Act (H.R. 1557), introduced by Rep. Charlie Crist, D-Florida, would extend the ITC through 2034 at the pre-phasedown rate of 30%. The ITC is now at 26% with further phasedown coming to 10% in 2024. The Sunshine Forever Act would reinstate the 30% credit for properties placed in service from 2021 throu
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Unpacking the Economic Aid Act and American Rescue Plan Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans
On January 6, 2021, the Small Business Administration (the “
SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act” (sometimes referred to as the “
Consolidated First Draw PPP IFR” or the “
IFR”). That rule restates existing regulatory provisions into a single regulation on borrower eligibility, lender eligibility, and loan application or origination requirement issues for new First Draw PPP Loans, as well as general rules relating to First Draw PPP Loan increases and loan forgiveness.
On January 6, 2021, the Small Business Administration (the “
SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“
Second Draw Rules”). These rules announced the implementation of section 311 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “
Economic Aid Act”). The SBA also released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act” (“
Consolidated First Draw PPP IFR”). That rule restates existing regulatory provisions into a single regulation on borrower eligibility, lender eligibility, and loan application or origination requirement issues for new First Draw PPP Loans, as well as general rules relating to First Draw PPP Loan increases and loan forgiveness. Both rules take effect immediately. For more information on the Consolidated First D
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On March 27, 2021, President Biden signed into law the COVID-19 Bankruptcy Relief Extension Act (the Extension Act). The Extension Act temporarily extends certain bankruptcy relief provisions that were enacted as part of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), as further amended and/or extended as part of the Consolidated Appropriations Act (the CAA) which was signed into law on December 27, 2020. This alert highlights the impact of these changes on banks and other lenders.
SUBCHAPTER V DEBT LIMITS
Increase of Debt Limit to $7.5 million
The Small Business Reorganization Act of 2019 created Subchapter V of chapter 11 of the Bankruptcy Code, and became effective on February 19, 2020, immediately before the onset of the COVID-19 pandemic. Subchapter V was enacted to streamline the reorganization process for smaller companies with debts up to $2.7 million. The CARES Act increased the debt
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Bradley’s Bankruptcy Basics: COVID-19 Bankruptcy Relief Extension Act Extends Various CARES Act Amendments to the Bankruptcy Code Thursday, April 29, 2021
Last March, in response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made several changes to the Bankruptcy Code, including those changes discussed in more detail here. As it became clear that we would be dealing with COVID-19 for much longer than previously anticipated, Congress passed the Consolidated Appropriations Act (CAA), which made additional changes to the Bankruptcy Code, including those explored in more detail in this article.
Originally, several of the Bankruptcy Code amendments included in the prior legislation were scheduled to sunset in March 2021, on the first anniversary of the CARES Act. However, on March 27, 2021, hours before the originally scheduled sunsets, the COVID-19 Bankruptcy Relief Extension Act of 2021 (Extension Act) was pa