Region: Ontario
Area of Law: Coronavirus COVID-19
Answer # 7206
Area of Law: Coronavirus COVID-19
Answer # 7206
What if your business has to close?
Region: Ontario Answer # 7206If your business has closed due to government restrictions imposed because of COVID-19, there are several things you can do:
- Check your business insurance policy to see if you are covered for loss of earnings in such circumstances.
- If you have a commercial lease, ask your landlord if you can reduce, and/or defer your rent payments.
- Check the relief programs available from the Federal and Provincial Governments.
- Consider alternative ways to run your business, or use your commercial space that will not violate the government restrictions.
- Consider subletting your space temporarily to an essential services business.
- Speak with your financial advisor or institution for advice about getting a loan, or the feasibility of being able to re-open your business once the restrictions are lifted.
- If you are insolvent and considering personal or business bankruptcy, check our Credit, Debt and Bankruptcy section for more information
For up-to-date information on Coronavirus COVID-19, visit Health Canada, the World Health Organization, and our related links and resources.
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