Jamal Edwards refused to use the furlough scheme despite being hit with £343,000 losses in the pandemic.
The 31-year-old died last month after a "sudden heart attack" when he was at home with his mum.
Despite the music mogul being personally worth millions, his music firms were struggling after Covid broke out.
The MailOnline has reported that his four businesses were making a combined loss of £343,742.
Like many other companies in the music and entertainment industry, Jamal's brands appeared to be spiralling into debt due to the various lockdowns.
He made a name for himself after setting up SBTV which helped the likes of Ed Sheeran and Jessie J to build their careers.
In SBTV's last accounts reported a £481,963 deficit up to 31 March 2021.
The Mail reported that the accounts read: "Following the outbreak of Covid-19 the company adapted its operations and overhead base accordingly. At the balance sheet date, the company’s liabilities exceeded assets by £481,963. The company has the support of the shareholders for the foreseeable future."
SBTV's parent company JE Global Enterprises showed a profit of £111,499 but owed £204,598 in bank and 'other' loans.
His record label Just Jam Records showed a deficit of £4,369 and received a £50,000 UK government loan under the Bounce Back Loan Scheme.
JE Global and Just Jam also published the same statement as SBTV about the pandemic.
His other firm Freeman Music Group also showed reserves of £31,361 up to June 30 2020.
In total this is a combined loss of £343,742.
Jamal suddenly passed away the night after he had been DJing in London.
Jamal's mum, Loose Women panellist Brenda, released a statement after his death.
"It is with the deepest heartache that I confirm that my beautiful son Jamal Edwards passed away yesterday morning after a sudden illness. Myself, his sister Tanish and the rest of his family and friends are completely devastated. He was the centre of our world," she shared.
She continued: "As we come to terms with his passing, we ask for privacy to grieve this unimaginable loss. I would like to thank everyone for their messages of love and support.
"Jamal was an inspiration to myself and so many. Our love for him lives on, his legacy lives on. Long live Jamal Edwards MBE, MBA, PHD."
Ed Sheeran, who laid flowers down at a candlelit vigil in Acton, London, paid tribute to Jamal on Instagram.
"I haven’t posted anything coz I can’t find the words, I can’t reply coz I don’t know what to say. Jamal is my brother. His light shone so bright. He only used it to illuminate others and never asked for anything in return.
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"A stars light shines for millions of years after they go, and his will continue to light up every dark moment, we are all witnessing his power.
"I would not be here without him, professionally and personally. There will never be anything close to what he is, but I’m so grateful to have existed within his orbit. My brother, come on."
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