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Navigating CEBA Loan Challenges: Insights from Doyle Salewski Inc.

I have known Brian Doyle as a trustee master for a few years however, I have known about the company that he co-founded Doyle and Salewski for a long time.

He is an amazing person, he responds to email lightening fast, extremely knowledgeable, straight, just to name a few.

He is a great asset in any mastermind group.

I’m privileged to know him and now call him a friend.

Here is my latest discussion with Brian concerning CEBA Loan.  I tried for this loan to be forgiven but non only the ruling liberals did not listen, the opposition did not support it either.

At least the issue was brought on National TV and illustrated that it is not beneficial for Canada for businesses to close down.

Brian, what have you noticed now that the CEBA Loans are due?

At Doyle Salewski Inc., we've noticed an increasing trend: numerous inquiries from individuals grappling with the challenge of unpaid Canada Emergency Business Account (CEBA) loans. While these loans can be as substantial as $60,000, it's interesting to note that they are often tied to corporations rather than individuals directly. This distinction plays a crucial role in how we approach potential solutions.

How do you help people who can not pay this debt?

When faced with such a scenario, our initial step is to assess the corporation's asset situation. Surprisingly, we find that there are no tangible assets of merit and that these corporations were simply a conduit for personal business which minimized personal liability and assisted with tax planning.

One crucial aspect we explore is the presence of any personal guarantees on the loans. Typically, we find none. Additionally, we examine if the corporation bears any other debts that could potentially hold the directors accountable. Another consideration is the corporation's future: Is there a compelling reason to maintain its active status, or could a new corporation be established to continue the individual's business endeavors?


Is bankruptcy the solution?

A common assumption among many is that bankruptcy is the inevitable path for such corporations. However, our perspective at Doyle Salewski Inc. often differs. In a majority of cases, we advise against pursuing corporate bankruptcy. The rationale is straightforward: the costs associated with such a process, ranging from $10,000 to $15,000 plus Harmonized Sales Tax (HST), are substantial. When the corporation lacks the funds to cover these expenses and the directors aren't obligated to finance the corporation, it becomes an impractical choice. Why invest such a significant amount when it's not imperative?

For corporations on the brink of inactivity, certain steps, like deregistering HST numbers, might be necessary. However, for specific guidance tailored to your situation, it's always wise to consult your ongoing accounting firm.

What do you tell people who are looking for help?

While the path may seem straightforward in many cases, we understand that complexities can arise. If a client finds him/herself in a more intricate situation or if they are navigating the complexities of CEBA loans and corporate liabilities, don't hesitate to reach out.

I highly recommend reaching to Doyle and his team at to gain clarity and support you need.

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Tuesday, 21 May 2024

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