It’s a horrible experience to be in debt as a business owner. It keeps you awake at night because you’re not sure what’s going to happen to you or your family. Nearly every entrepreneur has experienced this, and many get themselves out of that situation in a smart and agile way. You can, too. Even with the Payment Protection Plan and other government funding relief evaporating, you’re not out of options just yet.

First: Look into your lender’s hardship and forbearance programs. There’s a chance you’ve already done this at the start of the pandemic, but it might be worth talking to your lenders about it again and make any necessary changes to adapt to your current situation.

Second: Be cautious of debt relief programs. The debt relief industry has many scammers, and you need to understand a few key points before you enroll in any program: what you need to qualify, what fees you’ll pay, which creditors are being paid and how much, and the tax implications. Be aware of who owns your debt so payments go to the right agency.

Third: If you’re in a dire spot, find local resources to help tide you over. Don’t be ashamed to lean on your community during these dire times — using 211.org to connect you to caring, local services could be a major lifesaver. For example, if you’re struggling between your grocery bill and paying your debt, the local food bank aims to soothe that type of concern. You can always pay it forward once you’re back on your feet and donate or volunteer to support these organizations.

For AFEUSA members, you can get even more financial education on debt with complimentary and low-cost debt counseling from our partnered nonprofit organization Take Charge America. Members will learn how to help eliminate debt, budget for daily expenses, and save for the future. Join over 1.6 million people who have had their financial goals met with Take Charge America and be part of the AFEUSA family today!