Support to help employers with annual revenues of more than $300 million weather the current economic downturn.
What is the Large Employer Emergency Financing Facility (LEEFF)?
The Large Employer Emergency Financing Facility (LEEFF) provides interest-bearing term loans of $60 million and above to large Canadian employers who have been affected by the COVID-19, and who can't access more traditional market financing.
The objective of this support is to help protect Canadian jobs, help Canadian businesses weather the current economic downturn, and avoid bankruptcies of otherwise viable firms where possible. This support will not be used to resolve insolvencies or restructure firms, nor will it provide financing to companies that otherwise have the capacity to manage through the crisis. The additional liquidity provided through LEEFF will allow Canada’s largest businesses and their suppliers to remain active during this difficult time, and position them for a rapid economic recovery.
Who is Eligible?
- Have a significant impact on Canada’s economy by having significant operations or supporting a significant workforce in Canada
- Generate annual revenues of more than $300 million
- Require a minimum loan size of $60 million
- LEEFF will be open while the current economic situation continues
- Loan amounts are based on the applicant’s cash flow needs for the next 12 months
- Companies seeking support must demonstrate how they intend to preserve employment and maintain investment activities
- Large for-profit enterprises in all sectors, except for those in the financial sector, can apply for funding under LEEFF
- Certain not-for-profit enterprises, such as airports, could also be eligible
- Companies that have been found guilty of tax evasion are not eligible