The world is trying to get back to normalcy with a stringent vaccination drive and the support of an economic stimulus package. The healthcare infrastructure and fiscal policies of each country have played a significant role in battling the Covid-19 pandemic. The policies are aimed at supporting individuals, families and businesses to cope with the situation. However, the Indian government has failed to build a strong healthcare infrastructure due to its socio-economic limitations and a vast population. However, several countries across the world have come forward and assisted Indian residents and non-Indian residents in their capacities. With the backing of the countries they are based out of, NRIs have tried their best not only to stand by their families and loved ones but also to help out the needy with required medical equipment. The relief packages have also helped them to cope with damages caused by the Covid-19 pandemic.
Here are a few countries that tackled the Covid-19 and helped their residents, citizens and businesses with the Covid Response Benefit Schemes.
The United States of America
- $3.4 billion was allocated under Families First Coronavirus Response Act (FFCRA), aiming to provide relief money to families, companies with a tax credit apart from additional unemployment insurance money and FHFA moratorium, and other government-backed loans.
- Under CARES Act, $ 2.3 trillion was released to assist unemployed people and small businesses, granting them loans through Public-Private Partnership and Economic Injury Disaster Loan programmes.
- American Rescue Plan Act, 2021 was introduced to provide:
- Individuals (income below $75,000 annually and $1,400 per dependent) direct cash payments of $ 1,400
- $ 300 each week under unemployment insurance till Sept 2021
- $ 25 billion to the Small Business Administration
- $10,200 under unemployment benefits, exempting federal taxes for households with incomes under $150,000 a year
The United Kingdom
- Scheme for unemployed youth aged between 16 and 24 years to provide wages for first six months
- Job Retention Schemes (JRS) to support employers by paying 80% of employee wages
- Maximum payment of £50,000 to small businesses with Fast-track finance scheme
- For smaller businesses with Self-employment Income Support Scheme (SEISS) and Coronavirus Business Interruption Loan Scheme offered £5m interest-free loan for 12 months
Canada
- Extending support to individuals and families, the Canadian administration released an additional CAD 300 per child through the Canada Child Benefit. It also initiated a one-time payment of around CAD 400 for single persons and CAD 600 for couples.
- For unemployed and Covid-19 affected people, it offered a taxable benefit of CAD 2,000
- Business people with the work-sharing program has been offered small business wage subsidies, Business Credit Availability Programme
- An additional CAD 5 billion has been extended to farmers under Farm Credit Canada
Australia
- AUD 1,500 and AUD 550 once in two weeks to employees under the JobKeeper Payment scheme
- AUD 500 to each household and other income support recipients
- AUD 1500 to impacted businesses
- Started a 15-month investment incentive program to support business investment
- AUD 30,000 to AUD 150,000 to businesses to help them increase instant asset write-off
