Starting April 9th, eligible TD Business Banking customers will be able to apply for the Canada Emergency Business Account (CEBA) online at www.td.com/businessrelief.
TORONTO, April 8, 2020 /CNW/ - TD understands the financial strain being placed on Canadians and their businesses due to the COVID-19 pandemic. This global health crisis has created extraordinary times for Canadians and for many around the world. The world economy is slowing down and across Canada, businesses are going through a difficult period. Trade, operations and production routines have been disrupted and added pressure on the lives of employees. TD Business Banking teams are ready and prepared to support Canadian businesses during these difficult times.
Starting April 9th, eligible TD Business Banking customers will be able to apply for the Canada Emergency Business Account (CEBA) online at www.td.com/businessrelief.
"If your business is directly impacted by COVID-19 and as a result are facing financial challenges, we are here to support you," said David Pinsonneault, EVP, TD Business Banking. "Along with the Government, our goal is to provide support as our customers deal with the financial, operational and personal challenges that may come with a situation of this magnitude."
The CEBA loan through TD includes:
- A $40,000 interest-free (until December 31, 2022), government guaranteed loan to help businesses pay for operating costs that are not able to be deferred as a result of COVID-19.
- $10,000 (25%) of the $40,000 loan is eligible for complete forgiveness if $30,000 is fully repaid on or before December 31, 2022.
- If the loan is not repaid by December 31, 2022, it will be extended for an additional 3‑year term bearing an interest rate of 5% per annum.
- The loan can be repaid at any time without penalty.
To apply for the CEBA loan through TD, customers must have an active Business Chequing Account with TD as of March 1, 2020 and 2019 payroll expenses between $50,000 and $1,000,000. A full list of eligibility requirements, terms and conditions will be available online tomorrow at www.td.com/businessrelief.
We are also actively working with many of our customers to provide flexible solutions to help manage through this period. Business Banking support may include customized relief programs, payment deferrals on loans, lines of credit and access to additional working capital on a case-by-case basis.
"We are working hard to find solutions for our customers. We want them to know we're here for them and that we're focused on what's important to them," added Pinsonneault.
Please note that customers will only be able to apply online. Our Relationship Managers, Account Managers, Branch Staff and Small Business Advice and Call Centres will be unable to support applications.
More information will be shared in the coming weeks about other Federal Government COVID-19 relief programs. Please check www.td.com/businessrelief for the latest information.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by branches and serves over 26 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 13 million active online and mobile customers. TD had CDN$1.5 trillion in assets on January 31, 2020. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group
