More than four months after the federal government announced its program offering emergency loans to the country’s largest businesses amid the novel coronavirus pandemic, none of the applications have been approved and no money has been allocated.

The Large Employer Emergency Financing Facility (LEEFF) was announced by the Liberals on May 11, as part of the federal government’s emergency economic response to the COVID-19 outbreak.

The loans, starting at $60 million, were to be made available to companies that employ large numbers of Canadians and have at least $300 million in annual revenue, to provide short-term assistance to help them weather the pandemic.

Mike Le Couteur explains why, and what critics say the government should focus on instead.

For more info, please go to https://globalnews.ca/news/7339272/canada-coronavirus-corporate-loan-ineffective-leeff/

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