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Small business owner Andrew Williamson is photographed outside his gallery, the Black Cat, in Toronto, on Wed., May, 6, 2020. (Christopher Katsarov/The Globe and Mail)Christopher Katsarov/The Globe and Mail
Scott Terrio is a certified credit counsellor and manager of consumer insolvency at Hoyes, Michalos & Associates Inc.
Often, small-business owners who are in financial distress may resort to not remitting HST or payroll tax as a means to sustain cash flow until times improve. But the long duration of the COVID-19 shutdown impact made these improved times fail to come about, and the debts business owners incurred to stay afloat ended up out of control for many.
Add a dose of hefty HST debt and perhap…
Read the full article at: https://www.theglobeandmail.com/business/commentary/article-extending-ceba-pandemic-loan-deadline-sadly-wont-save-many-small/