Canada
Paycheck Protection Program (PPP) Loan Forgiveness
At this time, we are accepting forgiveness applications for loans of all amounts obtained in 2020 and 2021.
Borrowers who have a second draw PPP loan greater than $150,000 must submit an application for forgiveness of their first draw PPP loan before they are eligible to apply for forgiveness of their second draw PPP loan.
TD Bank is not participating in the SBA's Direct Borrower Forgiveness portal. As one of the largest PPP lenders, we have a robust digital PPP forgiveness portal in place that provides a streamlined process for our customers.
TD is following current program requirements and SBA guidance for the PPP. We will continue to keep our customers informed if any legislative changes are made to the PPP or additional material SBA guidance is received.
At this time, we are accepting forgiveness applications for loans of all amounts obtained in 2020 and 2021.
Borrowers who have a second draw PPP loan greater than $150,000 must submit an application for forgiveness of their first draw PPP loan before they are eligible to apply for forgiveness of their second draw PPP loan.
TD Bank is not participating in the SBA's Direct Borrower Forgiveness portal. As one of the largest PPP lenders, we have a robust digital PPP forgiveness portal in place that provides a streamlined process for our customers.
TD is following current program requirements and SBA guidance for the PPP. We will continue to keep our customers informed if any legislative changes are made to the PPP or additional material SBA guidance is received.
In preparation for applying, it's important to determine when you’ll be eligible to apply and when the right time is 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. In the event that your account becomes 60 days past due, TD will begin charge off proceedings on your loan, which could impact your ability to obtain business lending in the future.
- 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, including new items that were added under the Economic Aid Act, and other items that may reduce your forgiveness amount, please visit www.sba.gov
- 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.
- Only an owner or authorized signer listed on the first or second draw PPP application can apply for forgiveness. Business Advisors (such as CPAs, Attorneys, etc.) or other non-owner staff not listed on the PPP application will be unable to log in to our site.
- If your business has experienced any of the following, please contact TD Bank at (855) 847-0664 M-F 9 AM-5 PM, before you apply to ensure ownership information is up to date:
- Impending sale of your business, this must be approved by the SBA in advance and may require an escrow of PPP loan funds
- Death of an owner, please be prepared to provide a death certificate and associated court documents to show temporary or permanent change in ownership
- Bankruptcy
- 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, including new items that were added under the Economic Aid Act, and other items that may reduce your forgiveness amount, please visit www.sba.gov
- 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.
- Only an owner or authorized signer listed on the first or second draw PPP application can apply for forgiveness. Business Advisors (such as CPAs, Attorneys, etc.) or other non-owner staff not listed on the PPP application will be unable to log in to our site.
- If your business has experienced any of the following, please contact TD Bank at (855) 847-0664 M-F 9 AM-5 PM, before you apply to ensure ownership information is up to date:
- Impending sale of your business, this must be approved by the SBA in advance and may require an escrow of PPP loan funds
- Death of an owner, please be prepared to provide a death certificate and associated court documents to show temporary or permanent change in ownership
- Bankruptcy
- 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)
- Receipts showing proof of payment for business software or computing service costs, essential supplier costs, expenditures for employee and customer safety (such as PPE) and property damage costs resulting from 2020 unrest
- Your SBA loan number (found on 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
- 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)
- Receipts showing proof of payment for business software or computing service costs, essential supplier costs, expenditures for employee and customer safety (such as PPE) and property damage costs resulting from 2020 unrest
- Your SBA loan number (found on 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
- Our online loan forgiveness application is based on the SBA application forms
- Visit the SBA or Treasury's site 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
- Our online loan forgiveness application is based on the SBA application forms
- Visit the SBA or Treasury's site 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
- Go to our online 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
- Go to our online 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
- 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 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
- 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 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
- 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
- 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
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.
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.
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.
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