I am sorry to hear this; presumably this is an unsecured loan, which means that the lender can only attempt to recover money by declaring the loan to be in default, and suing the business (you mentioned it is a business loan). Unless the owner personally guaranteed the loan, or the business is a sole proprietorship (as opposed to an LLC or other corporation), only the business is liable for the debt. This means the lender would need to sue the business, not the individual.
Generally however, most lenders will work with a business when there will be an anticipated issue of temporary nonpayment. The lender wants to get paid, so if it appears to be temporary they will generally allow it, not declaring a default, and rather work out a payment plan for the missed payment. In Florida, there is an exemption on interest rate maximums for commercial loans over $5,000; so the interest and late fees may be high; it is possible to request that if the loan terms provide for daily late fees, if that can be waived during the repayment period for the one month obligation.
Any agreement needs to be in writing so that they cannot later claim default and sue on the loan.
Bankruptcy is generally only an option when one anticipates a long term situation.
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