Large business financial aid program “not a bailout,” Trudeau says

In this morning’s daily briefing, Prime Minister Justin Trudeau spoke about the details of the Large Employer Emergency Funding Facility (LEEFF), which were announced today by Finance Minister Bill Morneau. This loan program is intended for businesses with revenues of $300-million or more.

“Last week, we launched the Large Employer Emergency Financing Facility (LEEFF) to provide bridge loans for the Canada’s largest employers,” Prime Minister Trudeau said. Applications for this financing are now open. These loans will be delivered through the Canada Development Investment Corporation in cooperation with Innovation Science and Economic Development Canada, and the Department of Finance. Our priority is that this program be fair and effective. Loans will be designed with a clear goal: protecting jobs and helping our economy rebound.

“Businesses can go online to cedec. gc.ca for more information on the application process. But I want to be clear: We are not offering companies a bailout. We are making loans available so that they can weather the storm and continue to employ millions of hard-working Canadians.”

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About Cult MTL

Cult MTL is a daily web and monthly print publication focusing on Montreal music, arts, culture and city life. Along with interviewing local and visiting artists, promoters and entrepreneurs, we feature analysis and criticism by our editorial staff and crew of columnists and freelancers, compile comprehensive event listings, curate a daily To-Do List and run the annual Best of MTL readers poll.