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Applications open for large employer assistance program, Ottawa announces

Wednesday, May 20, 2020 @ 1:03 PM | By John Chunn

The federal government on May 20 announced the opening of the application process for its Large Employer Emergency Financing Facility (LEEFF).

According to Finance Canada’s press release, the program will support Canada’s largest employers, whose needs during the COVID-19 pandemic are not being met through conventional financing. LEEFF will help successful applicants keep their operations going.

The release added that the objective of this support is to help protect Canadian jobs, help Canadian businesses weather the current economic challenges and avoid bankruptcies of otherwise viable firms where possible. This support will not be used to resolve insolvencies or restructure firms, nor will it provide financing to companies that otherwise have the capacity to manage through the crisis.

The government’s support for large employers through LEEFF will be delivered by a subsidiary of the Canada Development Investment Corporation (CDEV), in co-operation with Innovation, Science and Economic Development Canada (ISED) and the Department of Finance. Additional information on the application process is available on the CDEV website. Broader sectoral dynamics for LEEFF applicants will be considered through processes led by Innovation, Science and Economic Development Canada.

“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,” said Minister of Finance Bill Morneau

“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,” added Navdeep Bains, minister of Innovation, Science and Industry.