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Commercial Lease and Contractual Law - Your Questions Answered - Shared screen with gallery view
Jovi Lam
Meetup will be recorded today and you can find the recording here after http://sbbc.co/digitall-meetup
Jovi Lam
Ruby Wang
Please feel free to open your webcam :)
Ruby Wang
If you have a comment or question please raise your hand (participant menu on the right hand side, beside your name)
Ruby Wang
If you don't have a mic, please type your questions or comments here
Ruby Wang
Digital Meetup for Tomorrow: Managing Your Cash Flow. May Help in your struggles with commercial lease. sbbc.co/digital-meetup
Katie Marshall
My lease doesn't include a Force Majeure. My online side businesses doesn't generate enough revenue to pay the lease or all my business expenses. My landlord requested a P&L 2019 Statement and 3mths of bank statements. I do not qualify for any of the current stimulus packages and my business insurance most likely won't pay out for Business Interruption either.
Catherine Williams
One of our landlords is working with us on this. Our other landlord ignored any communication we sent with our situation and options of what we could afford to pay. Instead took full rent in April and essentially forced us to lay off remaining team members. They have asked us to prepare a business plan for the remainder of the year to prove we can afford to pay our rent. Given the circumstances, it is impossible to create a business plan in this climate as we do not know when we will be able to reopen. We run an indoor playground and there is no mandated closure from the government but it would be challenging to enforce physical distancing.
Tiana Stoddart
My landlord won't negotiate at all. No payment plans, deferrals, waiving, reductions. I'm mandated closure, as is everyone in my building (social distancing not possible). Four floors are 'closed to public' with no reasoning to tenants (even on that floor) so we don't even know if there are multiple COVID19 exposures in the building. And we are all still required to pay.
Tiana Stoddart
We do have a 'peril of perils' clause.
Gerardo Alvarado
Any advice on shared workspaces like WeWork and Regus? We have submitted a request for a rent holiday but their websites are saying no breaks. how ever, local management has said it is likely we will get a break of some sort.
Catherine Williams
We contacted our local MP with our situation. He responded and said he had used our experience as a case study in Ottawa. Is there anything we can do collectively to be heard by local government which would eventually translate to federal movement? Additionally, I’m wondering why more pressure isn’t being put on banks to provide support for landlords, which would trickle down to support businesses.
Adrian Dolan
From Small Business BC "Business and light and major industry property classes will see their school property tax cut in half for the 2020 tax year, providing $500 million in relief for business that own their property and for tenants on triple-net leases." — Will this have any significant impact for tenants?
Linda Winterton
Please join our group to help each other do "midnight moves" if we are forced to breach a contract. Many of us will need to move before the end of April. We will also have spaces available for storage of your business equipment. Small businesses helping small businesses. Find and join the Facebook page: Don't Pay May. On the "other side" commercial rents will tank so this Fall we can find our new commercial homes.
Tiana Stoddart
I asked my management company about the 'school tax reduction' and they said they won't pass it down
Tiana Stoddart
peril of perils is in lease * (insurance covers nothing, I emailed 4 times haha)
Rosemary Hale
Is there a way to listen to this from the start?
Beth Jeppesen
I agree with Vineet. My company owns a commercial property and we are working with our tenants in order to keep them in the space
Ruby Wang
Mitchell Demeter
Are loans and deferrals actually viable options for small businesses? Does it make sense to go into debt while having zero income for an unknown amount of time? What does business look like when things eventually go back to normal?
Oscar Poon
Thank you
Catherine Williams
Thank you :)
Amor Aquino
Amor Aquino
thank you ❤️
Tiana Stoddart
birthday tomorrow!
Tiana Stoddart
or apply tomorrow
Ruby Wang
Beth Jeppesen
Thank you!