NRIs based in 5 Eyes countries are eligible for Covid Response benefit programs


Ajay Sharma

President, Abhinav.com, Contributor Content

Sharma has been a serial entrepreneur. He has been among the pioneers of global mobility in India since 1994. He focuses on immigration consultancy for startups, citizenship by investment and residency visa by investment.

With a rigorous vaccination campaign and the support of economic recovery plans, the world is gradually trying to return to normal. Each country’s health care structure and economic policies have played a vital role in combating this deadly pandemic. Government policies aimed to support individuals, families and businesses. They wanted to make health everyone’s priority.

Here is a quick look back at how the 5 Eyes countries (US, Canada, UK, Australia and New Zealand) dealt with Covid-19 and its impact through the Response Benefit Schemes:

UNITED STATES

  • $3.4 billion First for Families Coronavirus Response Act (FFCRA) provided relief funds for families, businesses with tax credit, additional unemployment insurance funds and an FHFA moratorium, and other government-guaranteed loans.
  • The CARES Act allocated $2.3 trillion to expand unemployment benefits and small business loans and grants through (PPP) and (EIDL) programs.
  • American Rescue Plan Act of 2021 implementing $1.9 trillion package
  1. Direct cash payments USD 1,400 for those earning less than USD 75,000 per year and USD 1,400 per dependent.
  2. USD 300 per week in extended unemployment insurance until September 2021.
  3. $10,200 in unemployment benefits are exempt from federal taxes for households with income less than $150,000 per year.
  4. $25 billion for the Small Business Administration to provide grants.

CANADA

  • They have extended support to individuals and families with an additional CAD 300 per child through the Canada Child Benefit (CCB). Single payment of approximately CAD 400 for singles and approximately CAD 600 for couples.
  • For the unemployed and those affected by the Covid with the taxable benefit of 2000 CAD.
  • Support for business people with the work-sharing program, wage subsidies for small businesses, the business credit program.
  • 75% wage subsidy for eligible businesses and C$65 billion through the Business Credit Availability Program.
  • Extend support for farmers by an additional C$5 billion to Farm Credit Canada.

UK

  • Job Retention Scheme (JRS) to help employers by paying 80% of employee wages
  • Kickstart program for unemployed workers aged 16 to 24 that covers the first six months of salary
  • Self-Employment Income Support Scheme (SEISS) and Coronavirus Business Interruption Loan Scheme for Small Businesses with £5m interest free for 12 months
  • The £500m Future Fund loan scheme for high-growth businesses will receive £125,000 and £5m
  • Maximum payout of £50,000 for small businesses with accelerated funding scheme

AUSTRALIA

  • Provide JobKeeper payment for employees AUD 1500 and AUD 550 (fortnightly rate)
  • For households, AUD 750 each and other income support recipients.
  • Job Keeper payment for impacted businesses with AUD 1500 per employee (fortnightly payment)
  • Cash Flow Boosting for Employers from AUD 20,000 to AUD 100,000 to eligible small businesses
  • AUD 30,000 to AUD 150,000 to companies by increasing the instant asset write-off
  • Launch of a 15-month investment incentive program to support business investment

NEW ZEALAND

  • The COVID-19 Leave Support Program for employers to help pay their employees
  • The Small Business Cash Loan provides NZD 100,000 to businesses with 50 full-time employees or less
  • NZD 8-10 billion stimulus package to support businesses, self-employed and jobs through wage subsidy
  • The wage subsidy scheme provided income to affected employees for up to 12 weeks.

Various benefit schemes have also been introduced by all EU member countries.

After the pandemic, health and financial security have become the top priority for families around the world, and India is no exception. Businesses in many industries are struggling to survive endless Covid cycles. In the absence of significant support from the Indian government, more and more Indians and companies are looking to relocate permanently out of India. They look at how NRIs have benefited and felt more secure through Covid benefit schemes as listed above. After all, life is priceless.

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