Montréal, May 11, 2020 – The Chamber of Commerce of Metropolitan Montreal commends the Government of Canada’s announcement that it is expanding the Business Credit Availability Program to mid-sized enterprises and creating the Large Employer Emergency Financing Facility for large enterprises. In the form of loan guarantees, these measures will help more companies cope with the economic slowdown caused by the COVID-19 crisis while preserving large numbers of jobs.
“Since the start of the crisis, the federal government has been committed to supporting Canadian workers and small businesses as a priority. It is now helping more companies by expanding the credit program to mid-sized enterprises and launching an emergency financing facility for employers with revenues of over $300 million. This is the right move. Combined with the Emergency Wage Subsidy, these measures will help even more Canadian companies overcome the crisis and protect jobs,” said Michel Leblanc, President and CEO of the Chamber of Commerce of Metropolitan Montreal.
“The eligibility conditions for the large employer emergency financing facility—i.e., demonstrating that employment and investment activities will be maintained and that the enterprise has a positive balance sheet—will ensure that this money will be used soundly. Large companies affected by the current restrictions on economic activities, such as airlines, can also benefit from this measure,” added Mr. Leblanc.
“We also applaud the extension beyond June 6 of the Emergency Wage Subsidy. The current context and postponed reopening of activity sectors in Greater Montréal mean that our businesses must continue to get help to stay afloat. However, we must pay close attention to the debt level of companies that use this aid. We invite our governments to consider granting subsidies or announcing investments that will stimulate the economic recovery,” concluded Michel Leblanc.
About the Chamber of Commerce of Metropolitan Montreal (CCMM)
With a network of over 8,000 members, the CCMM is active on two fronts: being the voice of the Montréal business community and delivering specialized services to businesses and their representatives. With its finger on the pulse of current events, it acts on issues that are decisive for the prosperity of the city’s businesses. With the support of the Acclr experts, the CCMM’s goal is to accelerate the creation and growth of businesses of all sizes, at home and around the world.
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Coordinator, Strategy and Public Affairs
Chamber of Commerce of Metropolitan Montreal
Tel.: 514 871-4000, ext. 4015
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