Federal Government Offers Large Companies Millions in Loans
Prime Minister Justin Trudeau, announced new measures to support businesses so they can keep their workers on the payroll during the COVID-19 pandemic.
The Government of Canada will establish a Large Employer Emergency Financing Facility (LEEFF) to provide bridge financing to Canada’s largest employers, whose needs during the pandemic are not being met through conventional financing, in order to keep their operations going.
Companies seeking support must demonstrate how they intend to preserve employment and maintain investment activities.
Support for mid-market businesses will include loans of up to $60 million per company, and guarantees of up to $80 million. This money will be in the form of loans.