Save Small Businesses & Pull the Hook from Small Business Owners

Save Small Businesses & Pull the Hook from Small Business Owners

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Paul Facchina Jr started this petition to U.S. House of Representatives and

The Small Business Owners’ Personal Asset Protection Act is designed to sever the personal guarantees and lines of credit small business owners have signed on business leases and business loans. The severance of the personal guarantees and lines of credit will protect the small business owners’ personal assets from business creditors and foreclosure. This will eliminate the need for small business owners to file personal bankruptcy in addition to business bankruptcy in the unfortunate event their business closes due to the impact of COVID, government mandated closures and mandated capacity restrictions. This does not protect the business assets from business bankruptcy. Business bankruptcy laws remain intact.

Landlords that lose personal guarantee rights will receive tax credits in equal amount to small business lease revenue lost. The tax credit may be carried forward and will be in proportion to the personal guarantees duration or until the space is leased (whichever is shorter). Banks will establish a separate financial statement line item for “Business Loan Default due to COVID.”

Banks will receive tax credits for the uncollectible debt and may be eligible for future bailouts.

No Small Business Owner deserves to lose their home or life savings. Support the Small Business Owners’ Personal Asset Protection Act and let Small Business Owners live to fight another day!

0 have signed. Let’s get to 1,000!
At 1,000 signatures, this petition is more likely to be featured in recommendations!