~5 minute read History Between Microbusiness and the PPP Last spring, the government established the Paycheck Protection Program (“PPP”) as one of the main aid programs for small businesses during the coronavirus pandemic. In the beginning, PPP loans were available to businesses with fewer than 500 employees. The money could be used for payroll, health…
Worst of all, your cash reserves and any Paycheck Protection Program money you may have received are long gone. Your creditors are hounding your cell phone and your mailbox is full of bills. And with all of the talk about the “new normal,” perhaps you no longer see any light at the end of the tunnel for your business and are ready to throw in the towel. If so, perhaps a Chapter 7 bankruptcy is right for you.
What if you want to divide liability and management within your limited liability company?
Over one year into the Covid-19 pandemic, many Virginians are still debating bankruptcy, either individually or for their businesses. Over one year into the Covid-19 pandemic, many Virginians are still debating bankruptcy, either individually or for their businesses.