Ineligible Employer SIMPLE IRA

Small employer has sponsored a SIMPLE IRA for 8 years.

Small Employer now discovers/recognizes that it's part of a controlled group with thousands of employees and was never eligible to sponsor the SIMPLE IRA.

What's the fix?

It couldn't be as "simple" as stopping contributions and filing for a compliance statement under VCP?

Thanks.

Yes it is.  file on pay.gov using form 14568-D schedule 4.