Canada’s biggest companies getting new loans, financing to weather COVID-19

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By The Canadian Press

Posted May 11, 2020 10:03 am

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Community Interviews with Moose FM

3:57A pandemic reopening plan for business

The COVID-19 pandemic has dealt a huge blow to Canadian businesses, with new challenges ahead as the economy reopens. Global News spoke with a business and tax expert for some practical advice on accessing government help and moving into the recovery phase.

The federal government says it will provide loans and financing to the country’s largest employers to help them weather the COVID-19 economic crisis.

The Liberals are promising bridge financing to companies whose financial needs aren’t being met by conventional credit so they can stay open and keep employees on their payrolls.

READ MORE: More COVID-19 restrictions slowly being lifted across Canada

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.



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