The Canadian branches of General Motors and Chrysler LLC will receive emergency loans from the Canadian government totaling $3.3 billion in U.S currency to keep the companies operating in Canada while restructuring their operations.

Prime Minister Stephen Harper announced the package with Ontario Premier Dalton M. McGuinty in the wake of the Bush White House unveiling a $17.4 billion emergency bailout for the two automakers.

At the news conference Harper said, "There are literally across the country hundreds of thousands if not millions of potentially affected families by the distress of this industry. And we are obviously making sure at this Christmas time that, within the confines of our responsibility for taxpayer money, that we are also going to look after their interest."

If the Detroit 3 were to collapse, as many as 600,000 Canadians would lose their jobs within five years, most in the immediate Ontario area. Under the announced program, General Motors will get $3 billion (Canadian) and Chrysler will receive $1 billion (Canadian). Ford did not request immediate assistance.

Although Canada accounts for 20 percent of the production capacity of North America, the aid package comes to only 16 percent of the $20.7 billion in loans announced by both Canada and the U.S.

The loans will also offer assistance to suppliers and consumers, said Harper, adding, "We don't want a package that simply helps the Detroit Three and therefore has the effect of ... subsidizing those who are struggling while penalizing those who have made good business decisions."