July 9, 2025 / 8:50 AM EDT / CBS News Small business owners with tax debt can keep their business open by exploring certain tax relief strategies now. Willlie B. Thomas/Getty Images ...

Businesses that were denied credit with a lender in 2024 were far more likely last year than previously to say it was because they carried too much debt.

Sixty percent of restaurants are currently in debt, compared to 34% in March 2020, the start of the first shelter-in-place order. On average, debt nearly doubled, increasing from $62,000 to $114,000.

Traditional lenders and banks dominate business lending. Some Americans cannot qualify for these loans due to low credit scores, high debt-to-income ratios, insufficient income, or unemployment.

Below, we'll explore the debt relief options small business owners should know (and understand) right now. Get help with your small business tax debt online today.