Few facts regarding theeffect of COVID-19 on the business sector in Canada are as follows:
- The retail-oriented street businesses have taken a massive hit economically.
- The crisis in these establishments stems from the long closure of stores and theabsence of in-person commerce.
- The concern for the survival of these businesses is pushing these enterprises to turn digital and explore the prospects in the digital marketplace.
- The Government of Canada is helping them in this regard through the RRRF.
The plan for recovery
The Government of Canada has announcedan investment of $42.5 million to support the recovery of close to 22,000 businesses. The investment is also envisaged to create over 1,400 student jobs.
The Government of Ontario is also making an additional contribution of $7.45 million to support this recovery project.
The $42.5 million investment will be used to expand the DMS. The funding is made by FedDev Ontario. The Government of Canada will build on the investments of Toronto in DMS and ShopHERE. This will be used to support the businesses across the province to go digital. Jobs will also be created for post-secondaryand graduate students.
6,900 Businesses have got free digital training and consultations within 5 months of announcing the funding. These businesses have also received hands-on support that they can use to improve their online presence and opportunities in e-commerce.
The street businesses and SMEs are to benefit immensely from this project. Some of these businesses could also be active elements in immigration Canada needs to function and flourish.
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RRRF – Regional Relief and Recovery Fund
DMS – Digital Main Street
SME – Small and Medium Enterprises