Government announces support program for large employers is open for applications

Summary

The Government of Canada is taking immediate, significant and decisive action through Canada’s COVID-19 Economic Response Plan to support Canadians and protect jobs during the global COVID-19 outbreak.

May 20, 2020 - Ottawa, Ontario  Department of Finance Canada

The Government of Canada is taking immediate, significant and decisive action through Canada’s COVID-19 Economic Response Plan to support Canadians and protect jobs during the global COVID-19 outbreak.

Finance Minister Bill Morneau and Minister of Innovation, Science and Industry Navdeep Bains, today announced the opening of the application process for the government’s Large Employer Emergency Financing Facility (LEEFF). The program will support Canada’s largest employers, whose needs during the pandemic are not being met through conventional financing. LEEFF will help successful applicants keep their operations going.

The objective of this support is to help protect Canadian jobs, help Canadian businesses weather the current economic challenges, and avoid bankruptcies of otherwise viable firms where possible. This support will not be used to resolve insolvencies or restructure firms, nor will it provide financing to companies that otherwise have the capacity to manage through the crisis.

The additional liquidity provided through LEEFF will allow Canada’s largest businesses and their suppliers to remain active during this difficult time, and position them for a rapid economic recovery.

The government’s support for large employers through LEEFF will be delivered by a subsidiary of the Canada Development Investment Corporation (CDEV), in cooperation with Innovation, Science and Economic Development Canada (ISED) and the Department of Finance. Additional information on the application process is available on the CDEV website. Broader sectoral dynamics for LEEFF applicants will be considered through processes led by Innovation, Science and Economic Development Canada.

These measures are part of the Government of Canada’s COVID-19 Economic Response Plan, which has helped protect Canadian jobs, and committed billions in support to Canadians and businesses facing hardship as a result of the pandemic. The government will continue to monitor and respond to the wide-ranging impacts of COVID-19, and take additional actions as needed to protect the health and safety of Canadians and stabilize the economy.