How to deal with debt?


Small and medium-sized companies are doomed to deal with the highly competitive Polish market. If everything in this market were done in compliance with the principles of the company would be simpler. Unfortunately, delaying payments from contractors, bankruptcy of clients or their insolvency are commonplace.

In order not to lose employees, the companies are choosing less evil and not paying taxes . They are making arrears in repayments to ZUS and US. What if the debt is increasing? How to get along with ZUS and US? We invite you to a short guide prepared by Good Finance

Debt in ZUS and bank loan

Debt in ZUS and bank loan

The Social Insurance Institution, a nightmare for small businesses, as is commonly believed. The entrepreneur is obliged to pay contributions, for himself and employees, month after month. When there is a weaker period in running a business, there are also arrears in payments to the Social Insurance Institution.

What to do if the debt arises in ZUS?

The easiest will be to submit an application for a debt installment system. Spreading the debt over several months’ installments will allow you to repay your debt without losing financial liquidity.

But what if we apply for a loan for the company?

As a rule, banks do not accept signed installment systems in ZUS. Then it will also be necessary to obtain a loan to repay ZUS . Non-banking companies offer short-term loans, e.g. for 24 months for repayment to ZUS. Their cost, when we make use of such commitments, will not be the highest if we consider closing them with a normal bank loan after 3-4 months. Such loans are already possible to make from USD 2-3 thousand in arrears with ZUS (Social Insurance Institution) up to USD 200 thousand for larger companies.

Debt in the Tax Office

Debt in the Tax Office

Untimely payments of income tax may cause the accumulation of debt in the Tax Office. Usually we meet companies with several months of lack of payments to the Tax Office, which react only when the Tax Office puts a block on the company account . This paralyzes the company’s operations and the proceeds used to pay back the debt.

Repayment delay in tax office, what to do?

That is why it is worth reacting earlier. Think about the possibilities of getting out of the company’s growing debt. Fortunately, US allows companies to operate. The possibility, as in ZUS, of applying for installment repayment and deferring the payment deadline are two ways that companies can get out of problems.

US arrears and bank loan, debt repayment loan

US arrears and bank loan, debt repayment loan

Unfortunately, the arrears in the Tax Office make it impossible to get a bank loan . Banks will not accept installment systems signed with the Tax Office because it indicates a bad condition of the company. To apply for a bank loan, you will need to settle your debt with the institution. This can be done by getting a short-term loan outside of the bank for repayment of arrears at the Tax Office.

The regulation will allow one week later to apply for a bank loan and pay off the loan. Loan companies offer liabilities for repayment of arrears in the US from USD 2-3 thousand up to USD 200 thousand in arrears for larger companies. If after three or four months we repay such a loan ourselves, or a bank loan, its cost will not come out big.

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