In 2017, Mr. Akerly presented a paper entitled How To Bust A Trust to the North Texas Estate Planning Council and the Rio Grande Valley Estate Planning Counsel
Federal Policy Updates – Eviction Moratorium and Small Business Bankruptcy Expansion
Over the last few months, numerous policies have been enacted or extended to provide targeted COVID relief for businesses and individuals. We wanted to highlight the mortgage/foreclosure moratorium and the extensions of the small business bankruptcy debt limit expansion.
Eviction Moratorium For Some Borrowers
On February 25, 2021, the Federal Housing Finance Agency announced an extension of COVID-19 mortgage relief policies including:
· Fannie Mae (“Fannie”) and Freddie Mac (“Freddie”) are extending the moratorium on foreclosures for single-family mortgages until June 30, 2021. This moratorium only applies to mortgages backed by Fannie or Freddie.
· Borrowers with mortgages backed by Fannie or Freddie might be eligible for an additional three-month forbearance. This extension would allow for a total of 18 months of COVID forbearance.
Extension of Small Business Bankruptcy Expansion
On March 27, 2021, President Biden signed into law the COVID-19 Bankruptcy Relief Extension Act of 2021, which extended major provisions of the Bankruptcy Relief Act. The provisions that have been extended include:
· The business debt limit under subchapter V of the Small Business Reorganization Act remains elevated from $2,725,625 to $7,500,000 until March 27, 2022.
· The definition of “Income” for bankruptcy purposes excluded coronavirus-related payments from the federal government.
Share:
More Posts
When a PACA License Is at Risk: What “Responsibly Connected” Can Mean for Owners and Officers
Learn what “responsibly connected” means under PACA and how sanctions can affect owners and officers through employment, licensing, and surety bond requirements.
PACA Prompt Payment Requirements: What Buyers Should Know About Late Payments and USDA Enforcement
Learn about PACA prompt-payment deadlines, documenting negotiated terms, handling disputed balances, and what recent USDA enforcement means for produce buyers.
When a Produce Recall Hits the Supply Chain: PACA Questions Sellers Should Ask
A recall does not decide the payment issue. What produce sellers should preserve, review, and ask about PACA trust rights when recalled product triggers a payment dispute.
Before a Buyer Falls Behind: A PACA Trust Readiness Checklist for Produce Sellers
A practical readiness checklist for produce sellers: invoice language, payment terms, PACA license status, electronic invoicing, and accounts receivable triggers.