Mr. David Pinsonneault reports
CEBA LOAN APPLICATION AVAILABLE APRIL 9TH AT TD
Toronto-Dominion Bank 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 have 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 9, eligible TD business banking customers will be able to apply for the Canada emergency business account (CEBA) on-line at the TD website.
"If your business is directly impacted by COVID-19 and, as a result, is facing financial challenges, we are here to support you," said David Pinsonneault, executive vice-president, 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 Dec. 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 per cent) of the $40,000 loan is eligible for complete forgiveness if $30,000 is fully repaid on or before Dec. 31, 2022;
If the loan is not repaid by Dec. 31, 2022, it will be extended for an additional three-year term bearing an interest rate of 5 per cent 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-million. A full list of eligibility requirements, terms and conditions will be available on-line on April 9 at the TD website.
The bank is also actively working with many of its 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 Mr. Pinsonneault.
Please note that customers will only be able to apply on-line. The bank's 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.
About Toronto-Dominion Bank
Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group. 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 on-line financial service firms, with more than 13 million active on-line and mobile customers. TD had $1.5-trillion in assets on Jan. 31, 2020.
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