TRUDEAU: BIG BUSINESS BRIDGE LOANS, NOT ''BAILOUTS''
May 11, 2020
By Bob Komsic
First it was Canadian workers, then small and medium-sized businesses and now the federal government’s offering bridge financing for the largest companies.
The Large Employer Emergency Financing Facility (LEEFF) will provide support to those businesses with annual revenues exceeding $300-million, whose credit needs are not being met through conventional financing.
”But let me be clear, these are bridge loans not bailouts,” Prime Minister Justin Trudeau stressed.
”Just as we are finding ways to support small and medium-sized businesses, we’ll provide loans to the largest enterprises to help them weather the storm and protect the millions of jobs they provide across Canada,” Trudeau added.
To access the funds they’ll need to make and keep several commitments, including upholding labour and environmental standards and principles, curbing executive bonuses and dividends.
Any large companies convicted of tax evasion won’t be eligible to receive assistance.