Prime Minister Justin Trudeau announced new aid for business. The measures announced this morning will establish a Loan program for the country’s larger employers that have been affected by the pandemic.
The Large Employer Emergency Financing Facility (LEEF) will provide bridge financing to Canada’s larger employers include businesses in the gas, and airline sectors. “We promised that we would be here to support all Canadians, and that is why we are announcing new measures that will help save middle class jobs, safeguard workers’ benefits, and protect our economy. ” Trudeau said.
The program is aimed at firms making over $300 million, and asking for financing of approximately $60 million. Applicants cannot be involved in any insolvency proceedings, and must have significant operations in Canada.
“Employers, large and small, are facing challenges due to the COVID-19 global pandemic. Our government has their backs,” Finance Minister Bill Morneau said. Limits will be placed on dividends and executive pay. Eligible businesses will also be required to commit to Canada’s climate change goals. The program is off limits to firms convicted of tax evasion.
Many of the program’s details are still being worked out, and more announcements are expected.
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