EDMONTON -- The Alberta government is pleased with the loan program announced by the federal government Monday aimed to help large companies get through the pandemic.
The Large Employer Emergency Financing Facility (LEEFF), described as "bridge loans, not bailouts" by Prime Minister Justin Trudeau, will help companies with annual revenues of $300 million or more who need at least $60 million to maintain operations and staff on payroll.
The financial sector is not eligible, though the package includes the energy sector and airlines.
"Our government appreciates today's announcement which responds to our repeated advocacy over the last two months to ensure a future for Canada's largest employers during this time of extraordinary adversity," said Alberta Finance Minister Travis Toews.
Toews said he heard from some Alberta large companies that they didn't want bailouts — a message he communicated with the federal government.
"We will continue to work with our largest employers and the Government of Canada to ensure that these programs are accessible, timely and efficient during these difficult times," the finance minister said.
LEEFF will also help mid-market firms with revenues in excess of $100 million with loans between $12.5 million and $60 million.
With files from CTVNews.ca
