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COVID-19: Canada Responds
At a news conference in Toronto, Finance Minister Bill Morneau and Industry Minister Navdeep Bains announce financing measures aimed at helping large and medium-sized and businesses counter the economic impact of the COVID-19 (coronavirus disease) pandemic. The federal government will establish the Large Employer Emergency Financing Facility (LEEFF) to provide bridge financing to employers with annual revenues of $300 million or more. Businesses in the financial sector and certain not-for-profit businesses such as airports are not eligible. Companies will be required to meet certain obligations including the disclosure of climate and environmental sustainability goals. Mid-sized companies will have access to up to $60 million in loans, with guarantees up to $80 million.
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