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On December 27, 2020, the Consolidated Appropriation Act (“CAA”) was signed into law. The CAA amends the Bankruptcy Code in several significant respects. Most of the amendments expire in either one or two years unless they are later extended. Ten changes to the Bankruptcy Code are summarized below. Any financially distressed company and its creditor constituents – including borrowers, lenders, landlords, tenants, trade vendors, utility companies, and customs brokers – will be interested in one or more of these changes.
Potentially Making PPP Loans Available to Debtors
The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) created the Paycheck Protection Program (the “PPP”), administered by the Small Business Administration (“SBA”), and created a controversy about the availability of such loans to companies in bankruptcy. The SBA consistently opposed PPP loans for debtors, and the ca
The Recommendations
In response to the trend analysis of the primary and secondary issues, Marcus proposed the following recommendations for the Agency:
Setting Expectations for a Complainant
OFCCP Field Officers can (and should) use the Ombuds Service
Ensuring Compliance
Addressing Bias
We reached out to Marcus and asked, “You give several recommendations after identifying the trends in the past year. How has your feedback been received at the National Office, and which, if any, of these recommendations do you feel will be proactively addressed in the near future?”
Marcus graciously responded to us:
“The goal of the annual report is to present the numbers, share how I interpret those numbers, and provide recommendations accordingly. From there, I want people to make their own interpretations, and that’s why it’s important to me that the report itself is only the beginning of a longer conversation. So far, I’ve been pleased to see that not only the National Office