COVID-19 Paycheck Protection Program FAQs


***All information provided below is subject to change based on the new legislation passed by Congress on December 27th as well as any related guidance to be issued by the SBA ***

Frequently Asked Questions

How do I know if I am a "New User" or a "Returning User" when accessing the PPP loan portal?
New User:

  • If you are applying for your First Draw PPP loan, you are a new user. The business entity applying for the loan has never received a PPP loan from TD Bank or from any other PPP lender.
  • If you are applying for a Second Draw PPP loan, but your First Draw was with another PPP lender, you are a new user. The business entity applying for the loan previously obtained a PPP loan through TD Bank or another PPP lender and is now seeking to obtain a second PPP loan.
  • If you are a First Draw customer with TD and have not started the PPP forgiveness process and are applying for a Second Draw, you are a new user.

Returning User: If you have started or completed your PPP forgiveness application, you are a returning user with established login credentials.

Where can I find my PIN to access the PPP loan portal?
New User: Customers will create a PIN when they initially set up their login credentials. Please select the orange "Get Started" button under New user to the PPP Loan portal to establish login credentials. Please retain this PIN for future use.
Returning User: Returning users will enter the PIN that was created for their PPP loan forgiveness application. To start, please select the green "Log in" button under Returning user to the PPP Loan portal.

How do I reset my PIN?
If you have attempted to input your PIN and cannot remember it, please click the "I forgot my PIN" link to reset your PIN. If you aren't sure if you setup a PIN click "Get Started".

How can I get my SBA loan number?
If you have a prior PPP loan with TD Bank or another lender, you will need your SBA loan number found on your Promissory Note. For a TD Bank issued loan, you will find the SBA loan number at the top of your Promissory Note. If you cannot locate it, please call your TD Bank business representative. Please note, this is not the same as the TD Loan number.

Who can apply for a PPP loan with TD Bank?
TD Bank requires that applicants must be a TD Bank business customer as of December 31, 2020 and will also require that PPP loans be disbursed into a TD Bank Business Checking Account.

How can I find out the status of my PPP loan request?
When you log into your PPP dashboard via our online portal, you will see the latest status of your loan request, including if your loan application has been submitted to TD for review, remains incomplete (which requires follow-up from you), has been submitted to the SBA, and if an SBA decision has been received. The status will always reflect the latest information available.

What is the difference between a "first draw" or "initial" PPP loan and a "second draw" PPP loan?
"First Draw" PPP Loan - The business entity applying for the loan has never received a PPP loan from TD Bank or from any other PPP lender.

"Second Draw" PPP Loan - The business entity applying for the loan previously obtained a PPP loan through TD Bank or another PPP lender and is now seeking to obtain a second PPP loan.

For additional details on "first draw" or "initial" PPP loans and "second draw" PPP loans, please visit the SBA's site.

How can I apply for PPP loan forgiveness?
TD Bank has temporarily closed our PPP loan forgiveness portal until we receive all information and guidance necessary to make the required changes to our application. We will update our site when we open the portal back up.

Will the forgiveness funds run out if my application is not submitted now?
Unlike the PPP loan application process, there is no limited pool of funds, so borrowers do not need to rush to apply. All PPP loans have the potential for full forgiveness if the program requirements are met. In addition, borrowers have until the end of their PPP loan term (two or five years) to apply for forgiveness.

We suggest borrowers consult with their accountant, legal or financial advisor to assist them in determining when it is best for them to apply.

I already submitted my loan forgiveness application. What happens now?
At this time, TD Bank is pausing the processing of PPP forgiveness applications that have not been submitted to the SBA until we receive all information and guidance necessary to make the required changes to our application. No need to worry – all information you previously input is saved.

If your forgiveness request was submitted to the SBA prior to The Economic Aid Act being passed, if we haven't already, we will notify you if we receive any decision back from the SBA on your forgiveness request.

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.

Can I add my PPP Loan to my Online Banking?
At this time, PPP Loans are not available to be viewed in Online Banking.

Does my PPP loan accrue interest while my payments are deferred?
Yes, interest accrues during the deferral period. If the SBA approves your forgiveness request, the SBA will include accrued interest on the forgiven portion of your loan when they remit payment to TD Bank.

What is the term of my PPP loan?
If your PPP loan disbursement date was ON OR AFTER June 5, 2020, your loan term is 5 years. If your PPP loan disbursement date was BEFORE June 5, 2020, your loan term is 2 years, unless you and TD Bank mutually agree to change the term to 5 years.

How long are my PPP loan payments deferred?
Customers who apply for forgiveness will have to start making payments on any portion of their loan that is unforgiven once the SBA sends the approved forgiveness amount to TD Bank or informs TD Bank that the loan does not qualify for forgiveness. Customers that haven't yet applied for forgiveness will have to begin making payments on their loan starting 10 months after the end of their covered period. Interest accrues on PPP loans even during the deferral period. Customers should prepare to make payments on any unforgiven portion of their loan. Any portion of a PPP loan which is forgiven, plus interest accrued on that portion, does not have to be repaid.

How does the Economic Aid Act impact Customers with Economic Injury Disaster Loans (EIDL)?
The Economic Aid Act eliminated the requirement that the amount of any Economic Injury Disaster Loan (EIDL) advance / grant be deducted from the PPP forgiveness payment remitted by the SBA. For those Customers who have already completed the forgiveness process, the SBA will submit a reconciliation payment to TD for the amount of any EIDL advance/grant that was deducted from their forgiveness payment. The reconciliation payment will be applied to any remaining PPP loan balance or refunded if no balance exists.

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