Government announces support program for large employers is open for applications
“We know that times have been tough, and Canadians are concerned about their jobs. We continue to make sure government action responds to the significant needs of Canadians and businesses during the COVID-19 pandemic. LEEFF will help protect jobs, safeguard workers’ benefits, and protect our economy. It will help businesses keep workers on the payroll, and put more Canadians in a position to recover quickly once we make it through these uncertain times.”
—The Hon. Bill Morneau, Minister of Finance
“Companies of all sizes throughout the country are facing economic uncertainty due to the COVID-19 pandemic. LEEFF is a complement to support measures already in place for workers and businesses, all with the common objective of protecting Canadian jobs. Combined with our ongoing analysis of the pressures that are facing our sectors, we will work to make sure this program is delivered in an efficient and responsible manner.”
—The Hon. Navdeep Bains, Minister of Innovation, Science and Industry
The LEEFF program will be open to large for-profit businesses—with the exception of those in the financial sector—as well as certain not-for-profit businesses, such as airports, with annual revenues generally in the order of $300 million or higher. To qualify for LEEFF support, eligible businesses must be seeking financing of $60 million or more, have significant operations or workforce in Canada, and not be involved in active insolvency proceedings.
The LEEFF program will be designed to protect the interests of taxpayers and will require the cooperation of applicants’ private sector lenders, to ensure government financing is focused on sustaining operations.
In addition, recipient companies would be required to commit to publish annual climate-related disclosure reports consistent with the Financial Stability Board’s Task Force on Climate-related Financial Disclosures, including how their future operations will support environmental sustainability and national climate goals.
Media may contact:
Office of the Minister of Finance
Department of Finance Canada
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