McKool Smith principal John Sparacino was quoted in the Law360 article, “The Days Of “Eerie” Bankruptcy Silence Are Numbered.” In 2020, the US government established the Paycheck Protection Program (PPP) that was created under the CARES Act provided nearly $700 billion in low- or no-interest loans to small businesses over the last 18 months, and kept many of them afloat at a time when their revenue streams dried up during COVID-19 pandemic. John said, “the PPP helped some of his small business clients ride out the pandemic, especially retail or restaurant chains with only a handful of locations. The assistance provided by the program has been a significant driver in keeping those types of enterprises out of bankruptcy.” However, once the government funding dries up, bankruptcies filings may resurface again. Read more here.
