Business closing
Family has a disaster loan roughly around $79k. No personal guarantee except the verbiage states something along the lines of whoever signs is liable (my aunt is the owner and signed) but the partnership is the borrower.
With the business closing, how should we approach SBA? We don't have the capability to make any more payments as the business never recovered back to normal levels after COVID. Do we just let it default? Or reach out to SBA for paperwork? Bankruptcy? Not much in assets except a few thousand in account and some desk/pedicure chairs.
If you were in a familiar situation or have any guidance, that would be appreciated!