COVID-19: Cross Country Update (May 11, 2020)

Federal

The Government of Canada announced the following measures:

Large Employer Emergency Financing Facility

Today Prime Minister Justin Trudeau announced support for large and medium-sized businesses so they can keep their workers on the payroll and survive the COVID-19 pandemic. The goal is to avoid bankruptcies and protect jobs, not to fund non-viable businesses or allow them to restructure. Specifically, the Government of Canada plans to:

• 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;