335 –  Dealing with Small Business Closure and Debt Amid COVID-19

335 – Dealing with Small Business Closure and Debt Amid COVID-19

Author: Doug Hoyes January 30, 2021 Duration: 36:50

Managing a business is difficult, and the pandemic has made things much worse for Canadian small business owners. If you're a small business owner facing debt problems, what are your options? On today's podcast Ted Michalos is back to explain what you can do if you have both business debts and debts you've personally guaranteed for your business; strategies if your business was doing fine before the lockdown but is now struggling, and what to do if your business will be viable again after the lockdown. Ted and Doug also discuss your options if you can't repay the CEBA (Canada Emergency Business Account) loan. Enjoy!

Time Stamps:

3:27 Why government support hasn't been enough.

6:00 What's happening with business bankruptcies?

8:50 Sole Proprietorship vs. Corporation: What's the difference?

9:52 When do business debts become personal debts?

11:20 What to do if business is struggling due to COVID-19.

15:07 What to do if your business isn't viable at all. How do you close it?

20:25 Dealing with secured creditors.

21:44 Dealing with debt as a sole proprietorship.

23:36 What to do if business will be viable after lockdown.

22:20 CEBA loan – what to do if you can't repay.

31:38 Final practical advice

 

Related Links:

Should I File Personal Bankruptcy if My Business Closes? https://hoyes.info/small-business-closure

The Canada Emergency Business Account: https://ceba-cuec.ca/

Canada Emergency Wage Subsidy Statistics: https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy/cews-statistics.html


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 500

Debt Free in 30
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