The SBA recently released a new forgiveness application for PPP loans of $50,000 or less, known as Form 3508S. Customers who qualify for this form can now apply for forgiveness on our digital application by clicking the Apply Now button at the bottom of this page. Any information previously input to our digital application by Customers with PPP loans of $50,000 or less has been saved. For more information about the new Form 3508S, please visit the SBA's website.
Customers with PPP Loans greater than $50,000 can also access our online digital forgiveness application by clicking the Apply Now button at the bottom of this page to start or continue their application.
All customers planning to submit a forgiveness application should review the steps below in preparation for submitting a loan forgiveness request.
An Overview of PPP Loan Forgiveness
In preparation for applying, it's important to determine when you’ll be eligible to apply and when is the right time for you to apply.
Keep in mind your PPP loan payments are temporarily deferred in accordance with the terms of the program. Once you apply for forgiveness, you will have to start making payments on any unforgiven portion of your loan after the SBA remits your forgiveness amount to us or informs us that your loan is not entitled to forgiveness. Please note, interest accrues during the deferral period. The SBA will include accrued interest on any forgiven portion of your loan when they remit payment of your forgiveness amount to TD Bank.
Step 1: Determine if your business is eligible and ready to apply
- Only loan proceeds spent on qualified expenses are entitled to forgiveness. Qualified expenses include payroll expenses (minimum 60% of proceeds) and non-payroll expenses (up to 40% of proceeds). For a full list of all qualified expenses and items that may reduce your forgiveness amount, please visit SBA's website
- Your loan proceeds must have been spent (or incurred, per program guidelines) within your covered period, which begins on the date your PPP loan was funded. Submitting a forgiveness application before spending your loan proceeds on qualified expenses could reduce your forgiveness amount. We can only submit your forgiveness request once to the SBA. We encourage you to consult with your accountant, legal or financial advisors before applying.
Step 2: Gather important documents and digitally organize them
- Bank account statements or payroll service reports documenting wages paid to employees
- Federal and State payroll tax filings
- Federal tax documentation showing compensation to owners (i.e. Schedule C, 1099, K-1 etc.)
- Business mortgage account statements showing interest paid and proof of payment
- Business rent or lease payment statements and proof of payment
- Business utility bills and proof of payment (e.g., electric, gas, water, transportation, telephone or internet)
- Your 10-digit SBA loan number (found at the top of page 1 of your Promissory Note)
- Digitally organize your documents – the SBA limits the size of your document uploads to 25MB each
- Have a copy of your driver's license available to upload
Step 3: Prepare by reviewing the SBA application forms
- Our online loan forgiveness application is based on the SBA application forms
- Visit the SBA or Treasury to determine whether you must use Form 3508 or qualify to use either Form 3508 EZ or Form 3508S
- Work through the applicable SBA Form, together with any supporting schedules and worksheets, and gather any necessary receipts or statements, along with proof of payment
Step 4: Complete TD Bank's online PPP loan forgiveness application
- Go to our online application, found on this page (use Google Chrome and clear your browser cache prior to starting the application)
- You will need to use the same email address and phone number that you used to initiate your PPP loan request
- You will be able to save and resume your application, allowing you to complete it at your own pace
Step 5: TD Bank will review your PPP loan forgiveness application
- Once you've submitted your application, a TD Bank representative will reach out if any information or documentation is missing or incomplete. Please watch for emails and phone calls from us
- You can log into the portal at any time to see the status of your forgiveness request
- You will be notified via email when your complete application is being submitted to the SBA for review and final decision
- Submission of a completed forgiveness application does not guarantee that your application will be approved, in whole or in part, by TD Bank or the SBA
Step 6: Await SBA approval
- The SBA has up to 90 days from their receipt of your forgiveness request to complete their review and render a decision
- TD Bank will notify you when we receive a final decision from the SBA
As the borrower, you're responsible for understanding the program rules and if your loan qualifies for forgiveness. You should also check the SBA's site and the Treasury's site frequently as they are regularly updated.
Applying for PPP Loan Forgiveness
Once you determine that you're eligible and ready to apply, you may begin TD Bank's online PPP loan forgiveness application. For the best experience, we recommend using the Google Chrome browser and clearing any cookies/cache before accessing the application.
Please ensure you start your application with the same email address and phone number that you used to obtain your PPP loan. For your convenience, you may log in and out of the application at your leisure.