Small Business Owners: Don’t Freak Out

As the Covid pandemic continues to upend our lives, I have received calls from several small business owners – restaurants, retail stores, small manufacturers and the like – wondering how they are going to salvage their businesses when society is ready to reopen. My first response: Don’t Panic; Don’t Freak Out.

When you are ready to re-open, if you are way behind in paying your debts, you can seek bankruptcy relief under the Small Business Reorganization Act. Important points about the ACT:

  1. Allows business to reopen and continue operations.
  2. Applies to small businesses with debts of less than $7.5 million.
  3. Allows business to reorganize, reduce, re-amortize or eliminate debt.
  4. Extends tax debt repayment over a 5-year period.
  5. Allows business to get out of unaffordable contracts and leases.

If you want to learn more about a Small Business Reorganization, give me a call or send me an email. I don’t charge for an initial consult.

Keep fighting!

David B. Madoff

MADOFF & KHOURY LLP
Foxboro, MA

508-543-0040
madoff@mandkllp.com
www.madoffkhoury.com