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Canadian COVID-19 Update | Monday, May 11, 2020

May 11, 2020

TIAC’s Advocacy Update

  • TIAC’s President & CEO participated in an industry leader call organized by Air Canada today to talk about sector-wide advocacy and a call-to-action for all governments to support the tourism industry 
  • The President & CEO will also participate in a call with provincial and territorial tourism associations and representatives of Meetings Mean Business Canada to discuss COVID-19 recovery measures announced by provinces and the need for consultation and collaboration with provincial governments to support the resumption of business events and meetings 
  • Tomorrow, TIAC will participate in the COVID-19 webinar hosted by Destination Canada, where the Honourable Minister Melanie Joly will make remarks and answer industry questions 
  • Today, the government extended access to the Business Credit Availability Program (BCAP) to include larger, medium-sized enterprises; a program for large corporations was also launched – the Large Employer Emergency Financing Facility (LEEFF) which involves bridge financing for corporations facing liquidity challenges due to COVID-19
    • As there are few details on these programs, we will provide details as information becomes available. See more information below under “Government Announcements”

In Case You Missed It … 

  • Our partners at Destination Canada/Business Events Canada has published a report entitled “COVID 19 Impact and Recovery Report – Business Events” which you can access here

Resources for Businesses 

Government Announcements

  • Today’s major announcement from the Government of Canada involves new business supports available for mid and large sized businesses: an expansion of the Business Credit Availability Program (BCAP) for mid-sized businesses that need more capital, and the creation of the new Large Employer Emergency Financing Facility (LEEFF)
    • The expansion of the BCAP program will provide loans up to $60 million per company, and guarantees of up to $80 million 
  • Members who are interested in this program should contact their financial institutions
  • The LEEFF program will provide bridge financing for large employers with annual revenues of $300 million or higher
    • To qualify, businesses must require access to funding in excess of $60 million, and must meet a number of conditions including a commitment to maintain Canadian jobs; respect collective agreements and pension obligations; provide reports on commitments to environmental sustainability and Canada’s climate change goals; full disclosure of finances to demonstrate solvency; and demonstrate that companies are not practicing tax avoidance. 
    • There will also be restrictions on using these funds for dividend payouts and executive compensation

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