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Old 03-18-2020, 11:22 AM   #1
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Default CP Business Owner Thread - News, Advice, Support

I'm sure there are numerous business owners here on CP. I'm sure some are anxious and worried, we've seen all the cancellations.

I thought it would be a good idea to separate from the main Coronavirus Thread. Instead of having to wade through other posts we can use this thread for news items that are particular to businesses. Like business support from the Government, business advice, support, and when this is all said and done...The bigger CP community can use this as a support local business list...

This is as much as I know right now:

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The measures we’re announcing today will provide up to $27 billion dollars in direct support to Canadian workers and businesses, plus $55 billion to meet liquidity needs of Canadian businesses and households through tax deferrals to help stabilize the economy.
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The government will also increase the tax credits available to small, medium and large businesses.
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The government will also augment the credit available to farmers and the agri-food sector through Farm Credit Canada.
https://globalnews.ca/news/6694574/c...omic-measures/

I'd love to find out more about what's being done to support freelance and self-employed individuals as well.
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Old 03-18-2020, 11:51 AM   #2
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Keep supporting local businesses as much as possible.

Many offices are still open for business, and have made arrangements to assist you remotely.

Continue to order delivery and take-out.

Work on networking and business development if your regular workload is reduced.

Watch for relief programs from lenders, landlords, vendors, tax collectors etc.
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Old 03-18-2020, 12:36 PM   #3
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Thanks for making this thread!

I've shut down my office but still have about $20,000/month in overhead hits.
I also expect to lose about $30,000 - $40,000 in revenue in the next month. Hopefully that business is still there and I can make up for it after however.

Conservatively I think I'll be out a minimum $40-50K this year.
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Old 03-18-2020, 12:55 PM   #4
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I'm a 100% commissioned sales person and setup through a numbered company and just paid all my business taxes but am interested to see what credits are available.

With my workload significantly reduced (no one is looking for office space) my main focus will be (i) business development & networking (ii) improving internal process so things are streamed-lined when things get back to normal.

Question: is reaching out/cold calling/LinkedIn messaging etc completely tone deaf at this point? I plan to provide value and answer issues on people's mind (what rights do a have under my lease in this situation? Are LL's still required to provide essential services to the building, etc) but want to have some tact when communicating.
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Old 03-18-2020, 01:24 PM   #5
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Originally Posted by Winsor_Pilates View Post
Hopefully that business is still there and I can make up for it after however.
That's the big question for all of us. I think many of us can weather a shut down for a month or two...as long as the work comes back relatively soon after we open. If it takes a year to ramp up again, it's going to be rough.

I have a bit of a cushion, but I'm a bit worried how this will affect our contract workers as we tend to bring together freelancers to work on bigger projects. From my perspective it's relatively easy to turn that supply tap off, but I hope they don't get lost in all of this (ie nobody lays off a contract worker, so they often don't get counted in unemployment stats).
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Old 03-18-2020, 01:30 PM   #6
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Its been an interesting few days for my business and we'll have to see where things go from here.

I dont know about forecast losses because I anticipate that most of my clients will still need my services, but the timing is going to be different.

Now that tax season is extended and then dealing with people remotely as well as having some clients quarantined is going to change up how and when everything gets done.

Its really my clients that I feel bad for. People with retail and service businesses and thats not even considering the Oilfield guys. It looks like a nightmare out there.
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Old 03-18-2020, 01:36 PM   #7
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Accounting is about as recession proof as it gets. I mean it's right there in the motto "Death and taxes"! It's going to be you and the undertaker left...and he too needs to file his taxes.
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Old 03-18-2020, 01:37 PM   #8
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I wish I could just shut down and stay home but I’ve got customers who are essential services so I can’t. Debt deferment would help a lot and thankfully gas is cheap. It’s the not knowing that bothers me.

Most of my customers are small businesses so their ability to pay me is in question too. This all sucks.
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Old 03-18-2020, 01:44 PM   #9
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Originally Posted by Table 5 View Post
Accounting is about as recession proof as it gets. I mean it's right there in the motto "Death and taxes"! It's going to be you and the undertaker left...and he too needs to file his taxes.
Maybe work out an in-kind trade?
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Old 03-18-2020, 01:49 PM   #10
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Apparently the demand for will preparation and estate planning is going through the roof right now.

Probably a lot of people will work for toilet paper in the near future.
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Old 03-18-2020, 01:51 PM   #11
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Originally Posted by bob-loblaw View Post
Apparently the demand for will preparation and estate planning is going through the roof right now.

Probably a lot of people will work for toilet paper in the near future.
I don't see that demand in will and estate planning in anything tangible though. People aren't really afraid of dying from this, at this point. They're more afraid of living and dealing with the financial ramifications.
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Old 03-18-2020, 02:05 PM   #12
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We’re a small private consulting firm that is thank Christ going into a scheduled down period (break up). If it doesn’t last too long we should be able to ride along with some working from home no problem.
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Old 03-18-2020, 02:09 PM   #13
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Does anyone know how vacation time works? I will be laid off in a day or two but I do have three weeks of vacation time. Does my employer have to payout my vacation or can I just be laid off without being paid?
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Old 03-18-2020, 02:15 PM   #14
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Does anyone know how vacation time works? I will be laid off in a day or two but I do have three weeks of vacation time. Does my employer have to payout my vacation or can I just be laid off without being paid?
They would pay out the accrued vacation.
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Old 03-18-2020, 02:17 PM   #15
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Apparently the demand for will preparation and estate planning is going through the roof right now.
We aren't seeing many calls for this right now - people are adjusting to new realities and maybe assume lawyer offices are not open. Real Estate transactions are proceeding as normal, with some allowances being made for remote signings. If there is a disruption with lenders, couriers, land title office, we have contingency plans in place (as we saw during 2013 flood).

It will be difficult to visit seniors in care homes right now.

We remain open to assist, and are now offering remote consultations to reduce in-person meetings.


Update: we were just advised that The Land Titles in-person counters will be closed. Looks like closings will be arranged through gap insurance and tenancy-at-wills.

We just talked to land titles. Although there is no one at the counter they are still taking registrations/documents. They just need to be placed in the drop in box and the box is checked regularly.

So we can continue as normal (for now).
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Old 03-18-2020, 03:34 PM   #16
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Quote:
Originally Posted by troutman View Post
We aren't seeing many calls for this right now - people are adjusting to new realities and maybe assume lawyer offices are not open. Real Estate transactions are proceeding as normal, with some allowances being made for remote signings. If there is a disruption with lenders, couriers, land title office, we have contingency plans in place (as we saw during 2013 flood).

It will be difficult to visit seniors in care homes right now.

We remain open to assist, and are now offering remote consultations to reduce in-person meetings.


Update: we were just advised that The Land Titles in-person counters will be closed. Looks like closings will be arranged through gap insurance and tenancy-at-wills.

We just talked to land titles. Although there is no one at the counter they are still taking registrations/documents. They just need to be placed in the drop in box and the box is checked regularly.

So we can continue as normal (for now).
Any info for firms who use the general call box? Usually you ask for documents at the counter.

Edit: they’re still figuring out distribution. Fun times.

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Old 03-18-2020, 04:43 PM   #17
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Originally Posted by Winsor_Pilates View Post
I've shut down my office but still have about $20,000/month in overhead hits.
I also expect to lose about $30,000 - $40,000 in revenue in the next month. Hopefully that business is still there and I can make up for it after however.

Conservatively I think I'll be out a minimum $40-50K this year.
I'm in the same boat, probably going to be losing about $30K/month minimum, expecting to lose 100K+ by the time it's all said and done. People saying that businesses should be paying all their employees full wages with no revenue don't understand how it works, we'd be bankrupt in 2 months if we kept everyone on at full time.


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Most of my customers are small businesses so their ability to pay me is in question too. This all sucks.
This really scares me, got over 100K out in receivables.
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Old 03-18-2020, 04:59 PM   #18
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Originally Posted by bob-loblaw View Post
Apparently the demand for will preparation and estate planning is going through the roof right now.

Probably a lot of people will work for toilet paper in the near future.
Gas is cheap and plentiful and Toilet Paper is non-existent.

This is not how Mad Max led me to believe the Apocalypse would unfold.

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Maybe work out an in-kind trade?
The Undertaker makes a ton of money. That business is a hell of a racket. I wouldnt do the trade deal. You dont need a coffin when you're eviscerated by the Zombie Apocalypse.

The Zombies arent after brains anymore, they're after TP and Purell.
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Old 03-18-2020, 05:07 PM   #19
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Today is our last day being open (retail comic store) and I feel like locking down now is the right decision. The pitchforks on social media are starting to really ramp up for non-essential businesses that are still open. It's probably best to shut down now (or earlier), but for a lot of small businesses this is the end, they'll never reopen, so I understand the reluctance of some.

The physically published comic book industry is already not in a great place, so hopefully this isn't the end of it. Assuming the industry itself survives, and assuming anyone has money at the end of this, we should survive. I've always kept a bigger emergency fund than most, and it looks like after 25 years of being in business it will really come in handy for the second time.
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Old 03-18-2020, 05:08 PM   #20
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Accounting is about as recession proof as it gets. I mean it's right there in the motto "Death and taxes"! It's going to be you and the undertaker left...and he too needs to file his taxes.
Right. Really my main issue as a Small-Business is the virus itself. If I become infected and have to self-isolate then thats going to sewer my business.

Right now what I've done is made it so that I can effectively still operate my business from home in isolation as long as clients are okay with the work being done remotely. With the one month extension I could conceivably isolate and recover in time to finish the tax-season to the deadline but that would not be ideal and I'd stand to lose a significant amount of Revenue.

CRA did just temporarily authorize the use of E-Signatures to facilitate not having to be there in person to sign off on returns.

Again, my main concern is for various other businesses. Its going to get ugly, not just for the Oilfield but even Retail and especially food-service businesses that were likely already struggling.

I echo Jacks' sentiment about wanting to do the right thing by your employees but simultaneously having to do the 'possible' thing.

Sure, we want to help people get through this as best we can, but its not always realistic. I mean, just say it out loud to yourself and it sounds preposterous.

Paying employees not to work for an entity not generating revenue.

Who do they think we are? The Government?
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