As we all continue to cope with the Coronavirus (COVID-19) pandemic, this past week has been particularly difficult for many with rent payments due across Canada.
While the federal government has announced the Canada Emergency Response Benefit and other government funding options, some applications are not yet open or still need to be processed. Therefore many Canadians (including salon owners and hairstylists) may be finding it difficult to make rent payments this month.
Here are four tips from the Canadian Federation of Independent Business that you should consider to make sure you’re doing everything you can during this time.
Speak with Your Landlord
If you have concerns about making rent payments this month (and upcoming months), it’s important to speak with your landlord as soon as possible. Landlords also have bills to pay, so informing them of your financial difficulties sooner than later is in the best interest of everyone.
Pay What You Can Afford
Though you may feel the need to preserve all of your funds right now, that doesn’t mean rent payments should be completely ignored. Paying what you can is a gesture of good faith that you’re doing everything you can to take care of your financial responsibilities. Though some of you may want to defer rent payments altogether, keep in mind that once your financial situation improves, these deferred payments can set you (and your business) back if you’re not staying on top of them as much as possible.
Get a Written Agreement
Once you and your landlord agree on any new terms, it’s important to keep track of the agreement in writing. In doing so will help ensure you’re both on the same page. While many provincial governments are reassuring renters that no one will be receiving eviction notices while the pandemic is ongoing, it’s important to have a written record of your negotiations to protect you in case of any future legal action.
Know Your Options
As government funding is still being rolled out, it’s also important to explore other financial options. This includes speaking with your bank about interest-free or reduced interest loans or lines of credit.
Since many other salon owners and hairstylists are likely facing similar financial hardship during this time, sharing with your community can provide with you some much-needed emotional support. It can also help you learn about additional financial assistance programs and benefits for the beauty industry that may be available.
Stay tuned to SalonMagazine.ca for more COVID-19 tips and information.