Federal legislation aimed at reducing debt reorganization burdens for small businesses was signed into law by President Donald Trump on Friday. The Small Business Reorganization Act, authored by Sen. Chuck Grassley, streamlines existing debt reorganization procedures and reduces certain small business bankruptcy requirements intended for major corporations. “Mom and pop shops shouldn’t face the same debt reorganization challenges as major companies with armies of accountants,” Grassley said. The legislation adds a new Subchapter V to Chapter 11 to streamline the bankruptcy process for small business debtors. More information on this bill is available here.