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View Bill Morneau Profile
Lib. (ON)
There were a number of statements there, so maybe I can start with the first premise.
We've taken the view that what we need to do during the COVID-19 crisis is to make sure we're helping the people and the businesses impacted by this crisis. That's why our programs have been specifically directed towards those people.
I think what can be seen in application is that our approach is having exactly the desired impact. The emergency response benefit is a good example. There are now more than 7.5 million Canadians who have come onto this program, so we're seeing a very significant application. Through the emergency business account 600,000 businesses are now getting this $40,000 small business loan. The broad support is there. It's specifically targeted to the businesses or individuals needing it.
With respect to the direct question at the end, on the large employer emergency financing facility, we see that's quite important to help businesses that employ many Canadians to bridge through this time. We've done that, but we've put conditions. I think what you'll see is that our conditions are as strict as or stricter than those in other countries. We are, in fact, not allowing share buybacks or dividends for companies that come forward on this. We are going to have limitations on executive compensation, which I will be able to roll out as we work through those, that will be as strict as or stricter than those in other countries. Similarly, we've said that businesses need to protect workers through collective bargaining responsibilities and pensions.
We see these conditions as critically important. We see preserving our economy as critically important. We think this will help.
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