Trudeau announced that the applications are open for large businesses. They can now apply for the LEEFF Large Employer Emergency Financing Facility. It is a multimillion-dollar loan program aimed at providing financing access to large employers impacted by COVID-19.
Companies that will be eligible must have annual revenues of $300 million or higher and are seeking loans of $60 million or more. Businesses in the financial sector are not eligible, nor are any firms convicted of tax evasion in the past. The loans will be offered for only a short period on time the government said.
New details are expected to be released later on today for the Canada Emergency Commercial Rent Assistance Program, which is aimed at helping smaller businesses cover their rents between April and June.