COVID-19 Business Customer Assistance
Paycheck Protection Program Application
Additional funds have been allocated under the Paycheck Protection Program (PPP) by Congress and the Small Business Administration is accepting PPP loan applications. Since the initial funds were depleted on April 16, we have continued to review the submitted applications in anticipation of the additional funding. If you've already submitted a PPP application with TD Bank, there's no need to reapply and we'll provide you with an update on your application as soon as possible. Be on the lookout for emails.
Our priority is helping as many of our Business Customers as possible gain access to these much-needed funds and we are now accepting new PPP loan applications from existing TD Bank Business Customers.
Your application may be processed more quickly if it is complete and accompanied by all required supporting documentation at the time of submission.
You should carefully review the PPP regulations and guidance before applying for a loan, as you'll have to make certifications about your eligibility and other requirements for a PPP loan when you apply. Check the SBA and the Department of the Treasury for guidance on the PPP, as well as other PPP resources. These materials are frequently updated, and it's your obligation to stay informed of the latest guidance.
Please be aware that if you submit an application to us, we cannot guarantee that it will be processed, submitted to the SBA or approved by the SBA before the PPP runs out of available funds.
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TD also offers certain financial relief through our TD Cares program, including fee waivers and payment deferrals. Visit TD Cares for more information.
PPP Loan Forgiveness
TD Customer Assistance Programs
Additional Relief Options
Frequently Asked Questions
Is TD deferring SBA loans as part of the TD Cares program?
Current 7(a) and Express SBA Customers will receive payment relief from the SBA for 6 months with a new provision in the CARES Act. This program directs the SBA to pay the monthly principal, interest and any associated fees on all 7(a) and Express SBA loans which are in regular servicing status for a 6-month period beginning when the next payment is due. TD will automatically apply all such payment that it receives from the SBA to Customers' loan payments due from April to September.
To prevent double payments, TD has suspended ACH auto-debit for affected Customers beginning April 1, 2020. Customers should resume making their scheduled loan payments following the end of the program and will receive a reminder from TD to do so prior to that time. If the SBA runs out of funds for this program prior to the end of the 6-month period, you will be obligated to make payments as provided in your loan documents.
Why aren't my SBA loan or line of credit payments going through?
As part of the CARES Act, Congress set aside funds to cover the monthly principal and interest and associated fees on existing SBA 7(a) and Express loans which are in regular servicing status for 6 months (or for as long as the funds are available). The SBA will pay TD directly on your behalf. Because of this, we proactively suspended your ACH auto-debit to prevent double payments being made on your loan, starting with the April payment. You do not need to take any further action at this time. It is expected that the government will pay the principal, interest and associated fees on your SBA loan through September. This will not affect your loan's standing with TD or your credit score. The CARES Act does not cover payment of principal reduction or principal payoff. If your loan is subject to clean-up or maturity during the next 6 months, please contact your Small Business specialist or Relationship Manager to see if we may be able to provide additional assistance.
What kind of accounts do Customers need to apply for a PPP loan through TD?
At this time, existing Customers with a business deposit account or loan can apply for the PPP through TD. Those Business Customers without a business deposit account will be required to open one to allow TD to fund the proceeds of the loan into the account.
What do I need to know before I apply for a PPP loan?
You should carefully review the PPP regulations and guidance before applying for a loan, as you'll have to make certifications about your eligibility and other requirements for a PPP loan when you apply. Check the SBA and the Department of the Treasury guidance on the PPP, as well as other PPP resources. These materials are frequently updated, and it's your obligation to stay informed of the latest guidance.
How do I apply for loan forgiveness?
TD Bank, and all PPP lenders, are waiting for additional guidance from the SBA on the loan forgiveness process. We will provide more information to our PPP Customers once that guidance has been issued and we have finalized our loan forgiveness process.
How do I know if my PPP loan qualifies for forgiveness?
The full principal amount of your loan plus interest is subject to forgiveness if certain conditions are met. As the borrower, you are responsible for understanding the SBA's rules and if your loan qualifies for forgiveness. Please review the SBA and Treasury websites for information and resources on qualified expenditures and other conditions. You should check those websites frequently as they are regularly updated. If you have additional questions, please seek assistance from your own legal, accounting and tax advisors.
What does the SBA consider qualified expenditures?
The actual amount of your forgiveness will depend on the costs incurred and paid with your loan during the 8-week period following the date that funds were deposited into your account. Eligible costs include but may not be limited to:
- payroll costs, including employee benefits, tips, commissions and state and local payroll taxes
- interest on any mortgage loan existing before February 15, 2020
- rent under a lease in effect before February 15, 2020
- utilities for which service began before February 15, 2020
Please review the SBA website for information and resources on qualified expenditures and other conditions.
What are the terms of the PPP loan?
The Promissory Note that you signed for your PPP loan provides for:
- 1% interest rate
- Two-year term
- Payment deferral for six months (interest will accrue during this period)