WHAT TO KNOW
Global COVID-19 cases have reached 4,234,004, up from 3,950,467 on Friday at 3:30 p.m. Canada now reports 69,907 cases, up from 64,922 cases of COVID-19 on Friday. Ontario reports 20,546 cases, up from 19,121 cases yesterday. The growth rate of new cases in the province continues to slow, with only 308 new cases reported since yesterday, or 1.5%. The province has now tested 447,964 individuals and reports 9,018 tests are currently under investigation. More information here.
A province-by-province breakdown of Canada’s COVID-19 case count can be found here.
This morning Prime Minister Trudeau announced new business support measures for large and medium-sized businesses. The government will offer support to those businesses affected by COVID-19 based on a number of conditions. The Government of Canada will:
- Establish a Large Employer Emergency Financing Facility (LEEFF) to provide bridge financing to Canada’s largest employers, whose needs during the pandemic are not being met through conventional financing, in order to keep their operations going. The objective of this support is to help protect Canadian jobs, help Canadian businesses weather the current economic downturn, and avoid bankruptcies of otherwise viable firms where possible. This support will not be used to resolve insolvencies or restructure firms, nor will it provide financing to companies that otherwise have the capacity to manage through the crisis. The additional liquidity provided through LEEFF will allow Canada’s largest businesses and their suppliers to remain active during this difficult time, and position them for a rapid economic recovery.
- Use key guiding principles in providing support through the LEEFF, including:
- Protection of taxpayers and workers: Companies seeking support must demonstrate how they intend to preserve employment and maintain investment activities. Recipients will need to commit to respect collective bargaining agreements and protect workers’ pensions. The LEEFF program will require strict limits to dividends, share buy-backs, and executive pay. In considering a company’s eligibility to assistance under the LEEFF program, an assessment may be made of its employment, tax, and economic activity in Canada, as well as its international organizational structure and financing arrangements. The program will not be available to companies that have been convicted of tax evasion. In addition, recipient companies would be required to commit to publish annual climate-related disclosure reports consistent with the Financial Stability Board’s Task Force on Climate-related Financial Disclosures, including how their future operations will support environmental sustainability and national climate goals.
- Fairness: To ensure support across the Canadian economy, the financing is intended to be applicable to all eligible sectors in a consistent manner.
- Timeliness: To ensure timely support, the LEEFF program will apply a standard set of economic terms and conditions.
- Expand the Business Credit Availability Program (BCAP) to mid-sized companies with larger financing needs. Support for mid-market businesses will include loans of up to $60 million per company, and guarantees of up to $80 million. Through the BCAP, Export Development Canada (EDC) and the Business Development Bank of Canada (BDC) will work with private sector lenders to support access to capital for Canadian businesses in all sectors and regions.
- Continue to provide financing to businesses through Farm Credit Canada, the BDC, and EDC, including through the Canada Account. This will ensure the government is able to respond to a wide range of financing needs, including for some large employers facing higher risks, with stricter terms in order to adequately protect taxpayers.
More information here.
Starting today, more people will be returning to work across the province as the Ontario government allows retail stores with a street entrance to offer curbside pickup and delivery. Over the weekend, garden centres, nurseries, hardware stores and safety supply stores began offering in-store purchasing. All retailers should follow available safety guidelines in order to protect staff, consumers and the general public during the COVID-19 outbreak.
The Ministry of Labour, Training and Skills Development and its health and safety association partners have now released over 80 sector-specific health and safety guidelines, including guidelines for curbside pickup and delivery services. The Ministry of Health has also released a Guidance Document for Essential Workplaces. Business owners should use these guidelines to develop reopening plans that work for their business and protect workers, customers and the general public as the province prepares for the gradual reopening of the economy. More information here.
Over the weekend the Ontario Government announced it will protect licensed child care in Ontario during the COVID-19 outbreak by ensuring parents retain access to local licensed child care, as well as EarlyON Child and Family Centres. The government unveiled a plan that, together with federal and municipal partnership, provides supports to licensed child care providers to ensure they remain sustainable and ready to open when parents return to work. More information here.
The international situation has changed, with several countries reporting significant growth in their COVID-19 case counts. Russia and Peru have been added to the table.
|Country||Total cases at 3:30 p.m.||Total cases Friday at 3:30 p.m.||Increase from previous||Cases per million||Total recovered||Total deaths|