Canadian Government Provides Guidance On LEEFF Program

The federal government first announced its Large Employer Emergency Financing Facility (LEEFF) program on May 11, 2020.  The goal of this program is to provide bridge financing to large Canadian employers affected by COVID-19 whose needs are not met through conventional financing, thereby helping them to protect jobs, weather the current economic downturn, remain active, and avoid bankruptcies. On May 20, 2020, the Canada Development Investment Corporation (CDEV) clarified a number of factors relating to the LEEFF program, including those relating to the application process, the terms and conditions of a LEEFF loan, and compensation to Canada Enterprise Emergency Funding Corporation (CEEFC).