Today’s Top Story
Additional Support For Medium And Large Businesses
The Government of Canada today announced its intention to create the Large Employer Emergency Financing Facility (LEEFF) to provide bridge financing to Canada’s largest employers, whose needs during the pandemic are not being met through conventional financing, in order to keep their operations going. 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.
The government also announced it will expand the Business Credit Availability Program (BCAP) to mid-sized companies with larger financing needs, including loans of up to $60 million per company and guarantees of up to $80 million.
For Your Attention
Liquidity Program A Step Forward For Larger Companies
Like other businesses, larger companies, having invested significantly in worker safety while maintaining staff, cannot continue to do so for the near-term without financial help. Millions of Canadian workers depend upon those companies for their incomes. Today’s liquidity measures are a step forward towards addressing the needs of some of Canada’s leading companies and will help them continue their leadership role into the eventual recovery. Read more.
Hassan Yussuff And Perrin Beatty: Canada Needs A National Task Force On How Best To Reboot The Economy
Hassan Yussuff, President of the Canadian Labour Congress, and Perrin Beatty, President and CEO of the Canadian Chamber of Commerce, wrote a joint op-ed arguing for the need for a national task force to determine how best to reboot the Canadian economy. The task force would help filter the best ideas and build consensus across civil society when it is time for implementation and would include industry-specific tables to ensure decision-makers take the specialized needs of each sector into account. Read more.
Innovation Canada: Interactive Business Benefits Finder
Innovation Canada’s digital platform brings together all of the latest COVID-19 supports for businesses as well as hundreds of other programs and services offered by federal, provincial and territorial governments. Businesses answer a few quick questions and get access to:
- Opportunities to find funding, wage subsidies, loans, tax credits and expert advice offered by government and some not-for-profits too.
- A tailored list of the right supports for their business, delivered to them in under two minutes.
- The option to save their favourite programs to review later.
- The email notification feature, where they can sign up to get emails whenever a program changes, an application deadline approaches or a brand new program is introduced that meets their needs, including new COVID-19 supports.
#MondayMinute on Mental Health
Now more than ever, it’s important for Canadians to stay mentally healthy. Today’s #MondayMinute provides key tips for positive mental health from our very own Alita Fabiano, Officer, External Communications.
Government Tender Opportunity: Cloth Face Masks
Public Services and Procurement Canada has posted a requirement for cloth face masks. These face coverings are not intended to be used by health care workers in contact with patients or for medical or surgical use. Firm quantity of 500,000; options quantity of 2,500,000. Deadline: Friday, May 15 at 2:00 p.m. ET. More information.
How We’re Helping Canadian Business
Register Now: Oakville Chamber’s Conversation With Trevin Stratton
Canadian business: where do we go from here? The Oakville Chamber is hosting a COVID-19 focused conversation with our Chief Economist and Vice President, Policy Trevin Stratton, Ph.D.. The event takes place on Wednesday, May 13, at 12:00 p.m. ET. Registration is required. Register now.
Leah Nord On CTV News Responding To April Job Numbers
Leah Nord, our Director of Workforce Strategies and Inclusive Growth, appeared on CTV News to discuss April’s job numbers. Despite the staggering losses, the situation could have been worse if not for the resiliency shown by Canadian businesses. Watch now.
A #TeamCanada Approach
As part of the “Helping Hands” aid campaign, BASF is involved in fighting the spread of COVID-19 with numerous actions and contributions across Canada. To date, the company has donated:
- Hand sanitizer – BASF is anticipating a donation of 10,000L (between the product produced in Windsor and that imported from BASF Washington’s facility) to hospitals, care facilities and other institutions in areas of high need, identified in collaboration with the governments of Quebec, Ontario and Alberta.
- Soap, disinfectant, sanitizer and personal protective equipment to health care facilities across Canada.
- Over $64,000 to Food Banks Canada to support food purchasing, distribution and resourcing within food banks across the country.
Weddingstar, a member of the Medicine Hat and District Chamber of Commerce, and a leader in the wedding industry, has reworked one of its manufacturing plants to produce face masks for the consumer/business audience.
Desjardins is Canada’s largest financial cooperative with more than 47,000 employees and seven million members and clients. In addition to coordinating with government programs, Desjardins has put various relief measures in place to help protect its members and clients, including requesting payment deferrals on all financing products, emergency loans for those most affected by COVID-19 and a temporary reduction of interest rates for Desjardins credit card holders. Desjardins is also actively supporting the community during this unprecedented time by providing funding to organizations, including Kids Help Phone, Allo Prof, the United Way and the Canadian Red Cross. Desjardins is one of three financial institutions in North America recognized by the United Nations as a responsible institution during the COVID-19 pandemic. More information.
Okotoks Chamber of Commerce
Okotoks Chamber of Commerce (AB) is hosting Touchbase Tuesdays. These weekly virtual check-ins are an opportunity to listen, share and network with fellow Okotoks Chamber members.
If you know of a business that has taken steps to help Canadians through this pandemic, please contact us.