Some companies in Canada are struggling because covid-19 has really caused economic crisis.
The federal government has agreed to offer loans and financing to the country’s largest employer’s. To help them weather the covid-19 economic crisis.
The Loan are to those companies whose financial needs aren’t being met.
The liberals promising to offer bridge financing to those companies is by conventional credit. So they can reopen and keep employer’s on their payrolls.
In other to avoid bankruptcy, the government says in a release to another goal of the financing program,aimed at companies with $300 million or more in revenues.
The money will be open to all sectors of the economy but any company that will be convicted of tax evasion will not be eligible for the loan.
Finance minister Bill Mornean says the money is to rescue companies that were facing insolvency before the crisis.