SBA Loan Repayment

[Myboyblue]

Jurisdiction

Missouri

My wife has recently passed away. She had an SBA Disaster Loan for a Sole proprietorship. The repayment of the loan is not to start until July of 2023.
She has been sick for the last year, and I have been running the company. However, I was not on the company or the SBA loan. This is now going to be my new job. She left us abruptly and have no will or TOD. Any assistance is gratly appreciated.

 

[justblue]

My wife has recently passed away. She had an SBA Disaster Loan for a Sole proprietorship. The repayment of the loan is not to start until July of 2023.
She has been sick for the last year, and I have been running the company. However, I was not on the company or the SBA loan. This is now going to be my new job. She left us abruptly and have no will or TOD. Any assistance is gratly appreciated.

I'm very sorry for you loss.

What exactly is your question?

 

[adjusterjack]

My condolences as well.

You will have to probate her estate. The debt will have to be paid by the estate before you become owner of the business (assuming you are sole heir). If the business has any value, you may have to sell it or liquidate business assets to pay the debt unless the SBA lender will restructure the loan to allow you to keep the business going.

Before you contact the lender I suggest you have an accountant prepare a Balance Sheet and Profit/Loss Statement so you know where the business stands financially.

See if the MO small estate process applies:

missouri small estate probate at DuckDuckGo

If it does, you may be able to avoid paying a lawyer. If it doesn't, you'll need one as your life has become complicated.

 

[Myboyblue]

I'm very sorry for you loss.

What exactly is your question?

Hi Justblue, thank you so much. I just didnt know what my options are.? I believe the last gentleman just answered it. Thank you so much for the kind words and responding.