Small Business Debt Relief is a set of measures implemented by the Small Business Administration (SBA) that are necessary when a company owes money for certain purposes, such as business development, but became unable to implement its obligations and pay off their debt.
Debt relief for small business owners includes the following steps:
There are several ways in which small businesses can relieve their financial burden: applying for an SBA Disaster Loan, trying to consolidate their debt with the SBA, and applying for small business tax relief.
An SBA Disaster Loan a small business debt relief program offered by the SBA to businesses, private non-profits, homeowners, and renters located in regions affected by the declared disaster. This assistance comes in the form of a low-interest, long-term credit, that provides support for a faster recovery in an emergency.
The forms required to apply for an SBA Disaster Loan can be found through this link.
Small business debt consolidation is a strategy that is also used for debt relief purposes and involves obtaining a single loan to repay several existing loans. The process often provides a lower overall interest rate across the summary debt load. As a result, the borrower has one monthly payment and can more easily manage their outstanding debt.
The forms required to apply for a consolidation loan with the SBA can be found through this link.
There are two kinds of debt consolidation loans:
The last thing you want to miss out when crisis strikes is any of the small business tax deductions you are eligible for. Trust us - you don't want to skip on a deduction that would have saved you a couple of hundred dollars or, even worse, make a mistake that will leave you in hot water with the Treasury Department.
A compilation of all available small business tax deductions can be found through this link.