Federal government offers bridge financing for big businesses hit by COVID-19 | CBC News

The federal government is offering bridge financing for big Canadian businesses across all sectors to help them keep employees on the payroll through the pandemic, but there are conditions attached — including a requirement that companies receiving the loans disclose their environmental plans.

The large employer emergency financing facility (LEEFF) will provide support to employers with annual revenues of more than $300 million whose credit needs aren’t being met through conventional financing.

While he said today the details are still being worked out, Prime Minister Justin Trudeau stressed that the program is a bridge loan program, not a “bailout,” and that the government is “a lender of last resort.”

“Ideally, private-sector lenders are adequate for the needs of large businesses. But in an extraordinary situation when that isn’t always enough, we must act to prevent massive harm to Canadian workers and families and the Canadian economy,” he said.

“We will not allow millions of people to lose their livelihoods because of unprecedented events that were beyond their control.”

Watch: Trudeau on climate plans and big business loans

Prime Minister Justin Trudeau says he expects oil and gas companies to share their environmental plans as part of a commitment to reduce emissions and fight climate change. 1:23

The program’s goal is to protect jobs while helping businesses avoid bankruptcy and weather the pandemic’s economic effects, Finance Minister Bill Morneau said today.

The program is open to large commercial businesses in all sectors (except those in the financial sector) and certain not-for-profit businesses, like airports.

“Canada needs them to stay strong through this crisis,” Morneau said during a news conference in Toronto.

To qualify, businesses must be looking for financing of $60 millio