1182. Definitions

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In this subchapter:
(1) Debtor.—The term 'debtor'— (*)
(A) subject to subparagraph (B), means a person engaged in commercial or business activities (including any affiliate of such person that is also a debtor under this title and excluding a person whose primary activity is the business of owning single asset real estate) that has aggregate noncontingent liquidated secured and unsecured debts as of the date of the filing of the petition or the date of the order for relief in an amount not more than $7,500,000 (excluding debts owed to 1 or more affiliates or insiders) not less than 50 percent of which arose from the commercial or business activities of the debtor; and
(B) does not include—
(i) any member of a group of affiliated debtors that has aggregate noncontingent liquidated secured and unsecured debts in an amount greater than $7,500,000 (excluding debt owed to 1 or more affiliates or insiders);
(ii) any debtor that is a corporation subject to the reporting requirements under section 13 or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m, 78o(d)); or
(iii) any debtor that is an affiliate of an issuer, as defined in section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c).
(2) Debtor in possession.—The term “debtor in possession” means the debtor, unless removed as debtor in possession under section 1185 (a) of this title.

 

(*) Subject to the CARES Act (signed into law March 27, 2020), certain modifications were made to the Small Business Reorganization Act, including raising the debt limit to $7,500,000. All changes to the SBRA by the CARES Act are scheduled to sunset on March 27, 2021, unless adjusted by Congress.