We are going to talk about govt. incentives, The Govt. of Canada has been playing its role responsibly since the start of the COVID-19 pandemic. This has also been evident to a huge extent in the financial sector and while making things economically stable. A well-planned strategy so that businesses esp. SME’s can recover themselves in the wake of the recent happenings regards to ‘COVID-19’.

It’s not only a national level threat. But, it’s a global challenge that has affected many lives as well as the economies. Unemployment can be a major cause that needs to be dealt with, as there have been huge financial losses. The traveling and tourism sector in Canada has also been affected. This has been to a larger extent than in a couple of decades.

JUSTIN TRUDEAU’S ANNOUNCEMENT

27th March 2020 was the date of the announcement made in public. This was related to banks and financial institutions that shall be offering loans that will be 1-year interest-free. Hence, the amount shall be based on the requirements of the businesses. In the same announcement PM, Justin Trudeau also said about the loan forgiveness.

He emphasized that the Govt. can waive off $10K if the businesses and SME’s are unable to pay. This is only for those businesses that can provide proof of their circumstances and losses. This loan shall be beneficial for SMEs mainly to pay off the operating costs. The operating costs can’t be deferred due to the pandemic COVID-19.

The interest of the employees in managing the loans holds huge priorities for the Govt. & Justin Trudeau. These priorities are regards to job security and retention as govt. policies are strictly in favor of employees all over the great country of Canada. The recruitment and retention policies all over in Canada has seen many changes and fluctuations. The main reason for this movement is the level of risks that companies have then it was Pre COVID-19.

Role of Govt. of Canada in Pandemic

The Govt. of Canada has been playing its role responsibly since the start of the COVID-19 pandemic. This has also been evident to a huge extent in the financial sector and while making things economically stable. A well-planned strategy so that businesses esp. SME’s can recover themselves in the wake of the recent happenings regards to ‘COVID-19’.

It’s not only a national level threat. But, it’s a global challenge that has affected many lives as well as the economies. Unemployment can be a major cause that needs to be dealt with, as there have been huge financial losses. The traveling and tourism sector in Canada has also been affected. This has been to a larger extent than in a couple of decades.

The Govt. Incentives

However, scenarios can fluctuate and things can normalize but it highly depends on how quickly the world can be free from coronavirus. Although, the pandemic is highly deadly and dangerous in terms of loss of life. It has also been the cause of many financial losses in parallel.

Vendors who extend credit to a business require financial statements to assess the creditworthiness of the business.

The government also produces financial reports to stay accountable to the public and people. The rules for recording, measurement, and presentation of government financial statements may be different from those required for business and even for non-profit organizations. The requirements for non-profit financial statements differ from those of a for-profit institution and therefore, will not be discussed.