Posted on August 19 2020
COVID-19 is undoubtedly driving the policies and plans of world countries striving to stand tall and move steadily into the future. Concerning immigration, Canada has taken big and bold steps to take on the pandemic crisis and yet keep the influx of immigrants at par for its future.
In Canada, a COVID-19 Economic Response Plan has been set up. Under this, significant, swift, and decisive action has been taken to support Canadians and businesses in Canada. They are given the essential support in the event of hardships caused by the pandemic.
As businesses are vital means of development of a country and cross-border prosperity, taking bold steps to promote business immigration is an important aspect of economic development. Canada realizes this and has hence implemented quite a few plans to assist businesses in the country to stay afloat and prosper. This is necessary for a critical situation as the COVID-19 pandemic.
A look at many ways in which Canada is trying to help businesses reveals the following plans:
Plans to avoid layoffs, rehire employers and create new jobs
Measures in taxes and tariffs
Measures for financial support, loans, and credit facilities
The following programs have been implemented to ensure financial support for businesses:
Targeted support for groups of beneficiaries
A $20.1 million is provided to support Futurpreneur Canada to keep up the support for young entrepreneurs across Canada who are facing challenges because of COVID-19. With this funding, Futurpreneur Canada can provide payment relief for up to 12 months for its clients.
A $15 million in funding via the WES (Women Entrepreneurship Strategy). The funding will go to help the existing organizations receiving the WES Ecosystem Fund. It will enable third-party organizations to give timely advice and support to women entrepreneurs having a hard time owing to the COVID-19 pandemic.
Supporting self-employed individuals
Assistance to indigenous businesses
A $306.8 million funding has been rolled out to help indigenous SMEs. The funding will facilitate short-term, interest-free loans, and non-repayable contributions via Aboriginal Financial Institutions. This will offer financing and business support services to Métis businesses, Inuit, and First Nations.
Non-repayable financial contributions are provided to help support operating costs for Métis community, Inuit, and First Nation or microbusinesses and collectively-owned businesses with revenues affected by the pandemic.
A new stimulus development fund has been announced. A $16 million will be churned out to render support to the indigenous tourism industry.
Ensuring financial stability for individuals and businesses
The programs in this regard include:
Such a range of measures implemented for businesses in Canada will surely help employers find the potential to invite more international workers willing to work in Canada.
If you are looking to Study, Work, Visit, Invest or Migrate to Canada, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.
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