COVID-19 Business Customer Assistance
For some of the hardest-hit states
For small, local businesses
For lower-income workers
Paycheck Protection Program (PPP) Application
With the PPP coming to an end on June 30, 2020 (or earlier if program funds are exhausted), we're no longer accepting new applications for PPP loans.
If you've already submitted a PPP loan application, we'll continue to review and process it until the program ends. Be on the lookout for email updates. Remember, there's no guarantee that funds will be available for all qualified loan applicants or that loans will be reviewed, processed and approved prior to the end of the program.
For more PPP resources and program information, you can check the SBA and the Department of the Treasury sites. These materials are frequently updated, and it's your obligation to stay informed of the program changes and latest guidance.
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.
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 a qualified expense?
The actual amount of your PPP loan forgiveness will depend on the costs incurred and/or paid, as stated in the SBA guidance. Eligible costs include:
- Payroll costs, including employee benefits, tips, commissions, and state and local payroll taxes (at least 60% of the loan must be used for payroll costs to qualify for full forgiveness).
- Mortgage interest payments (not including any prepayment or payment of principal) on any business mortgage obligation on real or personal (i.e., non-real estate) property incurred before February 15, 2020.
- Business rent or lease payments on lease agreements for real or personal property in force before February 15, 2020.
- Business payments for electricity, gas, water, transportation, telephone or internet access for which service began before February 15, 2020.
Please review the SBA and Treasury websites for information and resources on qualified expenditures and other conditions.
How do I apply for loan forgiveness?
TD is not yet accepting applications for PPP loan forgiveness. We continue to build our digital loan forgiveness application process as we await expected program changes and further guidance from the SBA. You can count on us to update this site with new developments and to help you prepare for applying for forgiveness.
What information will I need to apply for forgiveness?
You should collect the following documents in preparation for submitting your application to TD:
- Bank account statements or payroll service reports documenting wages paid to employees
- Federal and State payroll tax filings
- Business mortgage account statements showing interest paid
- Business rent or lease payment statements
- Business utility payments (e.g., electric, gas, water, transportation, telephone or internet)
Can I start making PPP loan payments early?
You can begin making payments early, if you'd like. Please visit your local store to make a loan payment through the drive-thru or make an appointment to make a payment in the store.
How do I pay off my PPP loan?
Customers who wish to pay off their PPP loan can initiate the request by calling their local Store Manager or Relationship Manager. The payoff amount will be provided within 2 business days of your request.
If I take the loan forgiveness, how will that impact my taxes?
TD Bank cannot provide tax, financial or legal advice. Please speak with your tax advisor to find out more about any tax impact of PPP loan forgiveness.
Where can I find more information about PPP loan forgiveness?
Please refer to the information and resources on the SBA site and the Treasury site. You should check these sites frequently as they are regularly updated. Until any further guidance is issued, you should follow the latest information. If you have additional questions, you should seek assistance from your own legal, accounting and tax advisors.
Can I add my PPP Loan to my Online Banking?
At this time, PPP Loans are not available to be viewed in Online Banking.