10232020 DELCOTTO LAW

Lyssa Talks with Laura Delcotto about small buisneses and what they need to know about new laws

Running out of her house...seeing her mother's chest covered in blood.

Carter later died at the hospital.

Her granddaughter...su mmer ragan...says carter held the family together...and was a mother figure to everyone.

She wants the community to speak up if they know more.

Summer ragan: "people were outside and witnessed a whole bunch.

At least have respect for our family and say something about it because guess what it could've easily been your grandparent, or your mother, that could've been hit."

Carter is the 28th homicide victim in the city this year...a year already set to outpace 2019's record of 30 homicides.

Police are still looking for a suspect.

##### the university of kentucky is hosting a day long symposium..."say her name: breonna taylor" will be hosted over zoom.

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- 5:1 ... a panel of lawyers...law professors..activis ts..politicians and more will talk about the charges, the warrant and so much more.

The symposium started at 8-30 this morning and will last until about 5-15 this evening.

We'details and how you can regi happening today, lexingof the cf racial justicecial justice andm the commission announced tmmission was formed..dur concerns in the com presented today at 1-30 in thept the wrol says the problem has been t that there is an d to drugs in kent hard by this."

At these eveolution that neutralizes it,ed 600 packets ts in berea, paris d the bourb lets send it over to a ...lyssahe break.... thanks ambeis is g the weekend with a for sangriasthe experts at delcotto law group in lexington ands some upcomingight back.

Lyssa- host: telcotto law lyss we are here at delcotto law grelcotto law group right downtown lexington.

I'm here with laura day delcotto.

She's an attoing us tn particular today, wticular, theb for small businesses.

Tell us about these new laws.

Laura- attorney: all right.

So without getting too technical, this is major, and it's very important for your viewers to know about this.

Lyssa- host: okay.

Laura- attorney: this law was actually passed in august so way before the pandemic and all of this.

It went into effect in february of 2020, and it has a debt limit of $2.7 million.

So it has many changes that make the whole process much more streamlined, much more cost-effective.

It's friendly for the owner to pay what they can over time and get to keep their company.

So it's very friendly to business owners.

Well,under the cares act, they increased the debt limit from the 2.7 million to 7.5million for a window of time.

Lyssa- host: okay, and that's- laura- attorney: and that's until next march.

Lyssa- host: all right.

So how do people know if they qualify for this?

What does that process look like?

Laura- attorney: this is going to be where they definitely need to have an attorney because it is a new law, and people are just now figuring it out, even the bankruptcy lawyers are figuring it out.but figure out what your debts are, and if you're within this... say you're $8 million, well, you might want to come talk to an attorney about, "should i pay some things down to get to 7.5 million before next march so i can qualify for this ost: got you.

Got you.pr this typically when folks come to you?

Laura- attorney: this one is more streamlined.it's a shorter process.

I mean, a normal chapter 11, for instance, you have 120 days to file a plan.

This one's 90 days.

Six-month process, probably.

Lyssa- host: okay.

So laura, let's talk about again just to make sure our viewers understand, what is the timeline for this process?

Laura- attorney: this law is going to sunset back to the 2.7 million, it's still going to be there, but it's a different debt level, in march of 2021.

So one year from when they pass the cares act,it's going to decrease back from 7.5 to the original 2.7.

Lyssa- host: okay.

All right.

Laura- attorney: so there is this certain timeline when people that are in that range really need to pay attention to this.

It's really important.

Lyssa- host: where can people find out more information about this or about that your law group here?

Laura- attorney: on our website.

Lyssa- host: okay.

All right.

Laura- attorney: it's all there.

Lyssa- host: awesome.

Well, thank you so much for being with us today.

We really appreciate