Okay, let’s say you’re running a business, and like many, you’re faced with a heap of debt. It can feel like a sucker punch and guess what? You’re not alone. The SBA tells us that nearly half of all small businesses hit the dust within the first five years. Ouch! Poor credit, heaps of debt and not enough capital – yikes! It can be a nightmare, right?

Making an SBA Offer in Compromise

So, you take a loan, thinking it will paddle you through, but instead, you can’t pay it off. Don’t despair! There’s a lifeline called SBA Offer in Compromise, where you and the SBA can work out a deal. You repay less than what you owe, and the SBA gets at least some of their money back. It’s a win-win!

Cutting Corners Can Be Helpful, Really!

Your first instinct may be to pump personal funds into the business, but hold on! This could be like throwing money down the drain if things don’t work out. If the business can’t be propped up, it might be time to cut the fat. Yeah, layoffs might be tough, but this could keep the ship afloat.

Talking Helps – Reach Out

It’s a vital time to build a bridge with customers and suppliers. How about offering markdowns to clients who pay early? Or asking suppliers for flexible payment terms or discounts? If you act early, these moves could be enough to keep things going.

What About Creditors?

Ignoring debt and the dreaded SBA demand letter is a bad idea. It’s always easier to manage your debt, especially through programs like the Tax Offset Program. It’s in everyone’s interest to tackle this, and asking for lower interest rates or an SBA Offer in Compromise could be the way forward.

Selling the Business – A Good Idea?

You can also think about selling the business to settle your debts. Yes, there might be a ton of issues, but dealing with a single buyer can be easier than dealing with SBA loan foreclosure. However, if your debts tower over your assets, finding a buyer can be a hard sell.

Why You Should Hire Lawscape and the Lawscape

You’ve probably heard of them, Lawscape and the Lawscape. They’re experts in helping with treasury and SBA Debt problems. Their success stories? They’ve resolved millions of dollars in SBA Debts through Offers in Compromise and Negotiated Repayment Agreements – and that too, without bankruptcy or home foreclosure.

They’ve defended millions of dollars in treasury debts through AWG hearings, Treasury Offset Program resolutions, and more. Plus, they’re authorized by the Agency Practice Act to represent Federal Debtors everywhere before the SBA, SBA Office of Hearings and Appeals, Treasury Department, and the Bureau of Fiscal Service.

In short, relax, you’ve got this, and with the right advice and action, you can save the day.