How can I apply for PPP loan forgiveness?
TD Bank is currently accepting forgiveness applications for PPP loans of all amounts that were 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.
For the best experience, please watch this instructional video on how to access our PPP loan portal and follow the steps outlined on our site. Once you have reviewed the tips, you can access our PPP loan portal through our site.
Can I apply for forgiveness through the SBA's Direct Borrower Forgiveness portal?
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.
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 accounting, legal or financial advisors.
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 you do not need to rush to apply. All PPP loans have the potential for full forgiveness if the program requirements are met. In addition, you have until the end of your PPP loan term (two or five years) to apply for forgiveness. We suggest you consult with your accountant, legal or financial advisor to assist you in determining when it is best for them to apply.
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 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
- Business rent payments on lease agreements for real or personal property in force before February 15, 2020
- Business utility payments for distribution of 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
What is the Covered Period?
The covered period is the time period after disbursement of your PPP loan during which you must spend your PPP loan proceeds on eligible expenses. The Covered Period begins on the date the loan was funded and ends on a date selected by the Borrower that is at least 8 weeks following the date the loan was funded and not more than 24 weeks after the funded date. Borrowers cannot apply for PPP forgiveness unless they have spent 100% of the amount for which they are seeking forgiveness.
What information will I need to apply for forgiveness?
You should collect the following documents in preparation for submitting your application to TD:
- Copy of a US Driver's License, State Issued ID or Passport
- Bank account statements or payroll provider reports documenting wages paid to employees
- State and local payroll tax filings; if you are using a third party payroll provider this may appear as a CARES or Forgiveness report of your payroll data during your selected covered period
- Business mortgage account statements showing interest paid and proof of payment
- Business rent or lease 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
What is an acceptable proof of payment for rent, mortgage or utility bills?
Acceptable proof of payment could be a copy of a canceled check, an email confirmation of payment or an account statement showing reference to a payment being received.
Can I adjust my gross revenue reduction on my Second Draw PPP loan?
Second Draw Loan borrowers may need to submit documentation with their PPP forgiveness application showing their gross revenue reduction if it was not previously supplied (not payroll documentation).
- Loans greater than $150,000 – We cannot update the figures or accept new documentation as the revenue reduction information was already provided with your loan application, and you certified its accuracy at the time of your Second Draw application submission
- Loans $150,000 and under – If you did not supply documentation at the time of loan application, the SBA has created a new tool for lenders to use called the COVID Revenue Reduction Score which in some cases will allow the borrower to apply for forgiveness without submitting documentation of gross revenue reduction. If you already supplied documentation at the time of application, you certified its accuracy at the time of submission and TD cannot make further adjustments
How will I know my application went through?
Once your application is submitted to TD Bank, you will receive a confirmation email from email@example.com with the forgiveness request number. You can view your application's status at any time by logging into TD's PPP loan portal.
What if the application appears non-responsive?
We recommend that you close your browser and log back in.
I made a mistake on my forgiveness application. Can I redo it?
If you made a mistake and TD Bank has not yet submitted your application to the SBA for review, you may select the "Withdraw/Restart" option in the PPP loan portal. However, once a forgiveness application shows an internal status of "Submitted to SBA," the application cannot be recalled, amended or modified in any way. This status indicates that the request has been processed by TD and transmitted to the SBA Forgiveness Portal.
I submitted my loan forgiveness application prior to December 18, 2020. What happens now?
If you have already submitted an application for forgiveness, you will receive an email from us with instructions as to how your application will be handled. You can also log into the PPP loan portal to check the status of your application.
How long will it take to receive my forgiveness decision?
TD Bank will review your application and supporting documentation to determine if you qualify for forgiveness. TD Bank has up to 60 days from receipt of a complete application with all supporting documentation to submit your forgiveness request to the SBA. You should review the Terms and Conditions of your application to understand when your application will be deemed "complete." 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 contact you once we have received the SBA's final decision on your application.
I submitted my forgiveness request more than 90 days ago. Why haven't I heard back?
The SBA has acknowledged that it is taking longer than the allowed 90 days in some cases to review and decide on forgiveness applications. TD Bank is working with the SBA to remind them that your application is still in the queue and past due. We will communicate any updates once available.
What is a Notice of SBA PPP Loan Review?
The SBA reserves the right to review PPP loans at any time. They will inform TD when they have initiated a loan review, and we will notify you of their review via email. If you choose to submit an application for PPP loan forgiveness while an SBA loan review is pending, TD will be required to deny your forgiveness application without prejudice, until the SBA notifies us in writing that it has completed its review of your loan.
What is a Denial without prejudice?
The SBA requires that we deny your forgiveness application without prejudice if you apply for forgiveness while your PPP loan is under review by the SBA. Qualified borrowers may be able to apply for forgiveness after the SBA's review has concluded.
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 accounting, legal or financial advisors.