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Small & Medium Businesses Need Smart Government Action to Survive

Solution to support all individuals and small & medium business during Covid-19

To All This May Concern,

My name is Evan Carandreadis. My vocation, currently and for the past 10 years, has been working as a CPA/CMA in a variety of sectors with small to medium sized brick-and-mortar businesses.  My work has been primarily focused on assisting and coaching these businesses to become financially sustainable and successful.

I am writing to you with genuine concern suggesting that for many small to medium sized brick-and-mortar businesses, the goals of being financially sustainable and successful are at dire risk.  Most of these business owners view their current circumstances as formidable and understandably so. We will win the war against COVID-19; however, there are no specific answers or foreseeable timelines as to when there will be financial resolve during and following this virus. 

I am certain that my concern of an impending economic crisis is shared by many, and that this economic crisis will continue to evoke fear and insensible actions well after the eradication of the virus. 

Many will possibly reference this in history as “The Next Great Depression”. 

The extreme financial strain to individuals and to small to medium sized businesses will be acutely felt in the weeks to come. I have had conversations with clients where they are already experiencing and sharing their palpable fear of the future.

I would like to propose a climacteric solution to prevent unpredictable financial damage to individuals and businesses and which could possibly result in their economic survival.

The solution I am proposing would be to put into place a “Financial Pause”.  

Financial Pause would consist of the following actions:  

·         Municipal tax payments would shift permanently minimum 3 months forward

·         All bank loans / mortgage payments would shift permanently minimum 3 months forward without accrued interest 

·         Interest charged at the prime rate for 90 days on credit cards

·         Landlords (both for individuals and businesses) would charge a maximum of 20% of the rent (to cover maintenance expenses etc) for minimum of the next 3 months

The Financial Pause is intended to provide the time and financial relief required to drive the economy to a place of normalcy and prevent unnecessary bankruptcies (both personal and corporate). This would also prevent debt holders from experiencing defaults.

Currently, the major banks are looking into implementing mortgage deferrals and debt relief. However, if these proposed solutions were to allow accrued interest, everyone may survive now…but, everyone will owe more later on. A viable and realistic solution needs to originate from the top down and affect everyone equally. We need forbearance, not foreclosure.

We have an opportunity right now to change our financial circumstances and the overall financial climate of our nation.  Let’s be the proud Canadian nation that leads with strategy, integrity, and dignity for all.  Let’s put measures in place now that will not only weather the COVID-19 storm, but also prevent unnecessary financial crisis and the misappropriation of our resources.  


Evan Carandreadis, CPA, CMA