Are you a Canadian stuck abroad due to the pandemic? Well, the government of Canada has created a special loan program for people like you. COVID-19 Emergency Loan Program for the Canadians abroad is a temporary assistance program to help people to return to their homes. The loan can also be used to find shelter in a foreign country while you try to return to Canada.
Like any merchant cash advance Canada, you have to fulfill certain criteria to become eligible for this loan. If you are interested in this loan, keep on reading to know more about it.
The Eligibility Criteria
There are some basic criteria that the person needs to fulfill for applying for this loan. Simply put, the eligible candidate should be a citizen of Canada. The person should have plans for returning to their country, which has been disrupted by the ongoing pandemic. Lastly, the person should not have access to any other source of funds for returning home. If you tick all of these three boxes, then you can apply for the loan.
The following factors are considered as the other sources of funds. Check it out.
- Credit card.
- A loan from merchant cash advance providers, bank or insurance providers.
- Transferred money from friends or family members.
To prove that the applicant had a clear plan for returning to the country before COVID-19, he or she should have a confirmed travel itinerary or a temporary visa for a foreign country with a clear end date.
If you are a Canadian citizen and are traveling with another person who is a permanent resident of Canada, you can add that person’s eligible expenses in your application as well.
Saying that, you should note that immediate family means the parents, spouse or children. If you are a permanent resident of Canada and you are facing a danger of serious harm, then you are also eligible to apply for this loan.
The Expenses That The Loan Should Cover
As the situation of each applicant is unique, the consular officer will determine the amount of loan by analyzing every case. The expenses covered by the loan include the air travel tickets to Canada and the expenses of local transport related to your return to Canada.
It also includes the expenses for the essential products including shelter and food while you are not being able to return to Canada. You can also meet the medical expenses and hospitalization costs if you are affected by COVID-19 or for any other pre-existing conditions. The costs related to quarantine requirements can also be met using this loan.
Should You Go To the Consulate to Apply?
You do not need to visit the consulate to apply for this loan. Once you have exhausted all other options for the fund, you can fill in the COVID-19 Emergency Loan Request Form. Once you have done that, make a call to the nearest Canadian office located in that country, which can offer you the required guidance on issuing the loan.
The rules of repayment are not that stringent about this emergency loan. However, know that you have to return the loaned amount to the Government of Canada. Once you apply for it, the officers of the consular office will clarify the rules about that.