My business is crashing hard!!! Like really hard… I had to let go of some of my employees and they had many hours of PTO that I cannot pay due to clients not paying their invoices. I currently owe $7k in PTO and Sick time to employees but I have $20k outstanding from clients not paying.
What happens I’m freaking out!!! I need help!!
As a business owner, I would advise to shutdown the business and file for bankruptcy.
Start anew and learn from your mistakes. Don’t stress about employees, they don’t stress about you. The government is unforgiving to businesses having a really hard time. Everyone will want their pound of flesh.