what does an offer in compromise to the small business administration mean?

I have come across some information within my company in which I overheard our company owner speaking to a bankruptcy attorney rgarding an offer in compromise.

What happens after the SBA accecpts an offer in compromise? does this just mean my owner doesnt have to pay this debt and can no try to secure other loans or does this generally mean the doors are closing shortly after?

I already have a few employment offers elsewhere so dont worry about me. There is just a buch of silence from management in the office and im trying to get to the bottom of it.

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