Prime Minister Justin Trudeau announced new measures this morning to support large and medium-sized businesses affected by COVID-19. The Government of Canada has created a Large Employer Emergency Financing Facility (LEEFF) to provide bridge financing to Canada’s largest employers with annual revenues of more than $300 million who have been unable to meet their needs through conventional financing during the pandemic. The additional liquidity will be key for businesses looking to weather the downturn and avoid bankruptcies. Companies will need to demonstrate how they intend to preserve employment and maintain investment activities. Businesses must be looking for loans of $60 million or more, have significant operations or workforce in Canada, and not be involved in active insolvency proceedings.
Alberta’s Legislature reconvened last week following a four week hiatus to debate new legislation regarding deferral of utility payments for Albertans. The house is now adjourned but can be called back as required with 12 hours notice. Government House Leader Jason Nixon has suggested that the Legislature sitting could stretch into the summer months in order to provide flexibility and to pass all bills introduced by the UCP prior to the pandemic.
Federal Green Party Leader Elizabeth May and Bloc Québécois Leader Yves-François Blanchet drew the ire of many across the country and certainly here at home in Alberta with their declaration last week that “oil is dead” and that “putting any more money in that business is a very bad idea.” Premier Jason Kenney fired back calling the attack “unCanadian” and said that Blanchet should show gratitude for the billions of dollars the oil industry has generated and shared with Quebec in recent decades.
As of May 10, Alberta has 6,253 cases of COVID-19 including 1,747 active cases, 4,389 recovered cases and 117 deaths. Continuing care facilities and meat processing plants continue to be sources of outbreaks as the province looks toward phase 1 of the province’s relaunch strategy as soon as this Friday, May 14. Additional information on safety measures in place at Alberta’s meat processing facilities has been provided.
Below, you’ll find a recap of government legislation debated last week as well as key government announcements.