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S 4479 116th Congress Senate Finance and Financial Sector Bankruptcy Cardiovascular and respiratory health Contracts and agency Emergency medical services and trauma care Infectious and parasitic diseases Landlord and tenant

A bill to amend title 11, United States Code, to change the treatment of certain rental obligations during bankruptcy.

Introduced: August 6, 2020 Introduced by: Tillis, Thomas Republican · North Carolina See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 6, 2020
Read twice and referred to the Committee on the Judiciary.
Aug 6, 2020
Introduced in Senate
 Plain-English summary Congressional Research Service

This bill temporarily revises bankruptcy provisions related to a lease of nonresidential real property. Specifically, if a Chapter 11 small business reorganization bankruptcy debtor is experiencing material financial hardship due to the COVID-19 (i.e., coronavirus disease 2019) pandemic, a court may extend the time the debtor may pay rent on a nonresidential real property from 60 days to 120 days. Additionally, businesses impacted by the COVID-19 pandemic have an additional 90 days to determine whether to keep or end a nonresidential lease agreement.

The bill also prohibits a bankruptcy trustee from voiding transfers of the debtor's interest due to the payment of certain rental and supplier arrearages.

These provisions have a two-year sunset.

What's happening now August 6, 2020

Read twice and referred to the Committee on the Judiciary.

 Committees of jurisdiction 1