OTTAWA -- The federal government is rolling out a new multimillion-dollar loan program aimed at providing financing access to large employers impacted by COVID-19 and the economic downturn it’s prompted.
The federal government is offering companies across most sectors — including the airline industry — that have “larger financing needs” access to loans of up to $60 million per company, and guarantees of up to $80 million. The new program comes with a series of terms and conditions. “Different sectors will need the funds for different reasons. In the retail sector clearly rent is a very significant portion of their cost of doing business and we can expect that this will be supportive of that challenge. Whereas… in the airline or hospitality sector, it might be for different costs that they need to support to get through this crisis,” said Finance Minister Bill Morneau in unveiling the new program.
For the companies that receive this access to funding, the federal government says it intends to implement strict limits on executive pay and share buybacks, and will expect these firms to respect all collective bargaining agreements and pensions. Industry Minister Navdeep Bains joined Morneau in making the new aid announcement in advance of Trudeau's address. Bains said that in addition to helping these companies access financing the government is studying the various pressures and impacts specific sectors are facing, to inform further policy and aid measures.
This new access to funding comes on top of the 75 per cent wage subsidy program, which Trudeau announced on FridayThis extension came amid questions about whether Canadians and companies would be on their own as provinces and territories begin gradually reopening in a way that won’t see many Canadians back to work for some time.
His objective is to give rich corporations more money to line the CEOs etc pockets He say there be restrictions on how to access the rich boy fund but we know how it always ends up He couldn't even close the loopholes for offshore tax evasion at corporate levels
When is the aid coming through JustinTrudeau ? Students who are out of work have to pay rent and bills. What is being done to help them, the seniors and unemployed? Still waiting and all we hear is just talk but no action.
Bombardier called and they said whatever you want to call it ... can you hurry up and cut a cheque they have executives who little to earn a bonus but require a bonus cheque non the less
Time for anon confidence motion so JT can apply for a job in the new school year. Useless
There is plenty of data on the virus now. It’s time to focus on protecting/isolating the old and vulnerable and getting the economy going as soon as possible (with appropriate protections). Government cannot replace the economy.
PureCountry94 What did he say? Destroy the energy industry? Continue to funnel even more money to Quebec? Buy off even more media? Ignore even more ethical standards?
Love how he was called out by the reporter, ‘you’re not really answering the question!’
Never answered the question
More pre arranged doftball questions from Trudeau media friends. Get back to Hoyse of commons and recall parliament or apply for a teaching job
Maybe ask him why he is still in isolation?
Your oppression of Canadians is criminal,
CCP Muppet running the Deep Fake on Canadians.
Nice EVERGREEN tie JustinTrudeau . ObamaGate LiberalismIsAMentalDisorder CTVFakeNews
Daily reminder that Trudeau and Morneau were both named in the Panama Papers. Any discussion about tax evasion is at best extremely hypocritical
I'd love to see any loans/bailouts in future conditional on set requirements that the companies would have to meet, or repay the loan/bailout...the biggest being that companies would have to set up a contingency fund for EMERGENCIES putting 10% of annual profits into each yr
While there’s nothing for a sole proprietor business
And still nothing for seniors who have to survive on diminishing fixed incomes and are worth less than those receiving CERB benefits - sad JustinTrudeau - RT if you are a senior and agree.
Trudeau should not be allowed to answer any questions about money. He s a complete disaster.
WAKE UP TRUDEAU!
Sounds good, but please don’t turn around and forgive the loans a few years from now. Big business can handle it.
Only SNC gets free $ I guess