Gym Customer Initiated 16 Chargebacks

We own a hybrid mma/fitness gym that’s been in business for 16 years. Recently we had a student who had been training for 8 months who was only 16 yrs old, so his parents were paying for the membership of $108 every 2 weeks totaling $1600. The student got in a disagreement with his parents and to punish him the parent initiated 16 chargebacks against us, the gym, ultimately getting our acct suspended and put in review. After contacting the parents they came to the gym and apologized saying they would reverse the chargebacks. We have text messages from them and tons of proof but now our acct is suspended until May! We have no access to any of our monthly payments and no idea how we are going to pay bills, salaries, or taxes. Our only option is to apply for a loan. I am a complete loss as to how this could happen over one ride and not so intelligent customer. Anyone have any ideas? If we can’t get a loan this could be the end of everything we’ve worked so hard to build