Home International Feds Announce Bailout Program for Canadas Larger Companies

Feds Announce Bailout Program for Canadas Larger Companies

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OTTAWA—The federal government says it will provide loans and financing to the countrys largest employers to help them weather the COVID-19 economic crisis.

The Liberals are promising bridge financing to companies whose financial needs arent being met by conventional credit so they can stay open and keep employees on their payrolls.

The government says in a release that another goal of the financing program, aimed at companies with $300 million or more in revenues, is to avoid bankruptcies of otherwise viable firms wherever possible.

Rules on access to the money will place limits on dividends, share buy-backs and executive pay.

Any companies convicted of tax evasion wont be eligible for the money, which will be open to all sectors of the economy.

Finance Minister Bill MorneauRead More – Source