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The Canada Emergency Business Account (CEBA) is an initiative of the Government of Canada.  The official Government website is

Understanding TD CEBA Loan Repayment: A Detailed Guide

understanding TD Ceba Loan Repayment
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The Canada Emergency Business Account (CEBA) was created by the Canadian government to help small and medium-sized businesses survive during the COVID-19 pandemic. It recognized the economic importance of these businesses and was designed to offer emergency financial help. The CEBA program allowed struggling businesses access to interest-free loans of up to $60,000. These were designed to cover non-deferrable costs and support them during these times.

Let’s dig more into understanding TD Ceba Loan Repayment!

Understanding TD Ceba Loan Repayment

Due to the emergency nature of the program, and its overall size, loans were administered through existing financial institutions. TD Bank, one of Canada’s largest institutions, was one of the parties called on to support this initiative. With millions of clients and strong partnerships with many businesses, TD used its existing resources to help administer these loans. This way, small business customers could access CEBA funds through their usual bank. TD’s involvement made the process seamless, demonstrating its commitment to helping customers and providing assistance when it was needed most.

Requirements for TD CEBA Loan Eligibility

To be eligible for the TD Canada Emergency Business Account (CEBA) loan, businesses had to meet specific requirements. Firstly, the business must have been registered and operating in Canada before March 1, 2020. They also needed an active business chequing or operating account with TD.

Secondly, revenue-related criteria also came into play. The business should have had a total payroll ranging from $20,000 to $1.5 million in 2019. Additionally, filing a tax return in 2019 was necessary.

When it comes to the loan amount, businesses can access up to $60,000 through the TD CEBA program.  If the loan is fully repaid by January 18, 2024, up to $20,000 of it can be completely forgiven.  This forgiveness provided significant relief and added incentive to small and medium-sized businesses facing economic hard times.

If the loan is repaid on or before January 18, 2024, or before the refinancing extension deadline of March 28, 2024 (if a refinancing application has been submitted prior to January 18, 2024), the CEBA loan holder will meet the criteria for partial loan forgiveness.

These eligibility requirements and forgivable amounts were aimed at supporting businesses through pandemic-related lockdowns or periods of reduced revenue. Meeting the criteria and utilizing the loan wisely helps businesses navigate through economic uncertainties and work toward both recovery and growth.

CEBA Loan Repayment

The Canada Emergency Business Account (CEBA) loan repayment provisions have been designed to promote responsible borrowing and timely repayment. One important provision is the loan forgiveness portion. If a business can repay $40,000 of its total loan balance by January 18, 2024, the remaining $20,000 will be forgiven. This serves as an incentive for businesses to manage their finances and promptly repay their loan. 

However, if a business fails to meet the deadline, the remaining balance will be converted into a two-year term loan. Once the loan is converted, an interest rate of 5% per year will be applied starting from January 19, 2024. These terms are set by the Government of Canada, which means they aren’t negotiable through any other means. That said, businesses have some breathing room before they need to start making payments. Until January 1, 2024, no principal or interest payments are required on the loan.  After January 18, 2024, interest is due monthly and the principal (for most companies, either $40,000 or $60,000) will be due on or before December 31, 2025.

These provisions aim to strike a balance between providing relief for businesses and ensuring responsible loan management. By encouraging timely repayment and offering flexibility in repayment terms, businesses have the opportunity to navigate financial challenges while still meeting their operating needs. 

Paying your CEBA Loans with TD

If you received a CEBA loan through TD, it’s important to understand the various payment options available to ensure you meet your repayment deadlines. TD Bank offers several convenient options for making payments on your CEBA loan. 

  1. Online Banking: TD Bank offers a convenient online banking platform that allows you to make loan payments from the comfort of your home. Simply log in to your online banking account and navigate to the “Payments” or “Transfer” section. From there, select your CEBA loan account as the payment recipient and enter the amount you wish to pay. You can choose to make one-time payments or set up recurring payments to automate your repayment timeline.  For detailed illustrated instructions visit the TD repayment page here.
  2. Automatic Deductions: Another option offered by TD  is setting up automatic deductions. Just like the recurring payments you can set up online, automatic deductions mean the loan payment will be automatically withdrawn from your bank account at regular intervals. Automatic deductions ensure timely payments, eliminating the risk of forgetting or missing due dates. You can contact TD Bank’s customer service to inquire about setting up these auto-payments at any time.  In-Person Payments: For those who prefer to make payments in person, TD Bank branches provide in-person payment options. Visit your nearest TD Bank branch and inform the teller about your CEBA loan payment. They will guide you through the process and help you make the payment using your preferred method, such as cash, check, or debit card.
  3. Phone Banking: If you can’t make it to a branch, TD   also allows you to make your CEBA loan payments over the phone. Simply call TD Bank’s customer service helpline and speak to a representative. They will assist you in processing your payment securely and provide any necessary guidance.

CEBA Loan Repayment With TD

The  Canada Emergency Business Account (CEBA) loan is a lifeline for businesses facing tough economic times. It offers key benefits and features to help stabilize operations and promote growth. One important feature is the zero-interest benefit borrowers can access until December 31, 2023. This means businesses can focus on repayment without worrying about the interest costs, giving them more flexibility to repay the loan in time.

Another advantage is the potential for up to $20,000 in loan forgiveness. If all conditions are met by January 18, 2024, businesses can greatly reduce the amount they’ll have to repay. This forgiveness helps ease the total debt burden for businesses. But note that for refinancing, an application to the financial institution is required. Note that the last date to apply for partial loan forgiveness is January 18, 2024. This will secure a refinancing extension until March 28, 2024, to qualify. 

Check the dates HERE!


TD provides multiple methods to repay the CEBA loan and makes it easy to do.  Consult with your financial planner or TD Bank representative as soon as possible to put a repayment plan in place: early repayment means major savings when it comes to the balance of your loan.

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