CHECK AGAINST DELIVERY

Good morning.

I’d like to begin today by recognizing that this is National Nursing Week.

Nurses are the heart and soul of our health care system.

Every day, they do incredible work to keep Canadians healthy, and the way they’ve stepped up to support people during this pandemic speaks to their compassion, resilience, and dedication.

To all the nurses out there – thank you so much for going above and beyond not just these days, but every day.

Since the beginning, our response to the COVID-19 pandemic has been driven by three fundamental objectives.

The first is to keep Canadians safe and ensure we take every possible step to protect our most vulnerable citizens.

This work continues daily, guided by our best doctors and medical experts, and it drives every move we make.

The second is to protect individuals, workers, and families from the worst financial impacts of the pandemic. So you can put food on the table and cover your bills while staying safe.  

We are doing that with programs such as the Canada Emergency Response Benefit, the increase in the Canada Child Benefit this month, and the enhanced GST tax credit, among other measures.

And thirdly, we are helping Canadian businesses through this extraordinary time – including for-profit, not-for-profit, and charitable enterprises – to ensure that workers across Canada can keep their jobs.

So we can coming roaring back after this difficult time is behind us.

Today, I am announcing the next phase of our support for enterprises that collectively employ millions of Canadians, and are experiencing unprecedented losses due to the COVID-19 pandemic.

We are expanding the Business Credit Availability Program, put in place to keep small businesses solvent, to mid-sized companies with a greater need for capital.  

Export Development Canada and the Business Development Bank of Canada will work with private-sector lenders to free up access to capital, in the tens of millions, for Canadian companies in every industry and in all regions across Canada.

At the same time, we are establishing a Large Employer Emergency Financing Facility, to provide bridge financing for our largest employers, if they are unable to obtain financing through other means.

But let me be clear.

These are bridge loans - not bailouts.

Just as we are finding ways to support small and medium-sized businesses, we’ll provide loans to the largest enterprises to help them weather the storm, and protect the millions of jobs they provide across Canada.

In providing this support, we will be guided by several basic principles.

The first, is to avoid bankruptcies: our purpose is to keep large Canadian companies on their feet, and protect the millions of jobs they provide.

The goal here is not to fix pre-existing insolvencies or restructurings. Nor is it to provide low-cost lending to companies that don’t need it.

Second, we will be fair.  

Financing will be accessible to every industry sector, in a way that is consistent in every province and territory, right across Canada.

And critically, we will protect workers, and hold companies accountable. This is fundamental.

Any company that receives this support will be expected to make and keep certain commitments.

Those include maintaining jobs and investment; respecting collective agreements and pension obligations; and environmental and climate commitments. 

In particular, there will be strict limits on dividends, share buy-backs, and executive compensation.

To stand strong against tax avoidance and tax evasion, we will require companies to share with us their complete financial structure as they apply for funding.

With this program, we are taking a bold step.

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.

We will not allow millions of people to lose their livelihoods, because of unprecedented events beyond their control.

Finally, as we continue to work on plans to re-open, I want to say this.

Please let caution and medical advice be your guides.

We are all anxious to see life go back to something that looks more like normal.

But we’re not out of the woods, yet. And we cannot squander the sacrifices we have made over the past two months.

So when in doubt, if you can – stay home. Avoid gatherings. Wash your hands, frequently and thoroughly. And maintain two-metres distance from everyone else.

This is how we keep our fellow Canadians who can’t stay home and those working on the front lines, safe.