COVID-19 Update – Expansion of the Business Credit Availability Program + Establishment of the Large Employer Emergency Financing Facility

This morning Prime Minister Trudeau announced two new initiatives to assist Canadian employers.

Expansion of the Business Credit Availability Program

The federal government is expanding the Business Credit Availability Program (BCAP) to mid-size businesses that need more liquidity. Support for mid-market businesses will include loans of up to $60 million per company, and guarantees of up to $80 million.

Export Development Canada (EDC) and the Business Development Bank of Canada (BDC) will work with private sector lenders to support access to capital for Canadian businesses in all sectors and regions.

Establishment of the Large Employer Emergency Financing Facility

The federal government is also establishing the Large Employer Emergency Financing Facility (LEEFF) to provide public bridge financing to large employers in all sectors across all provinces and territories.

To read more details on these two announcements, please see the May 11, 2020, COVID-19 information bulletin (link is below):

COVID-19 Update – May 11, 2020

 

For any questions on any information contained in today’s bulletin, please feel free to reach out to a member of our firm.

All our previous COVID-19 information bulletins can be found on Roper Greyell’s COVID-19 resource page.