COVID-19 Business Customer Assistance

Why won't the application load/why is it displaying incorrectly?
For the best experience, Customers should use the Google Chrome browser and clear any cookies/cache before accessing TD's application portal.

Can I use a third party to complete or submit my PPP Loan application?
TD Bank does not permit any third party to complete or submit PPP Loan or forgiveness applications on behalf of Customers, including brokers, agents, attorneys or accountants. TD Bank is not responsible for paying fees to any agent for services unless TD Bank has directly contracted with the agent for those services.

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

• If you have a PPP loan from TD Bank and have not started the PPP forgiveness process
• If you have never received a PPP loan from TD Bank

You Are a Returning User:

• If you have started or completed a PPP forgiveness application for a PPP loan from TD Bank
• When applying for your new PPP loan, you will need the login credentials you established when you applied for PPP forgiveness. Those credentials include your email address, phone number and the PIN you created when submitting your forgiveness application

Where can I find my PIN to access the PPP loan portal?
New User: You will create a PIN when you initially set up your 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: As a returning user, you will enter the PIN that was created for your 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 PPP SBA loan number?

• For a TD Bank issued loan, you will find the PPP SBA loan number at the top of your Promissory Note. Please note, this is not the same as the TD Loan number. If you cannot locate it, please contact your TD Bank business representative

If you have a PPP loan with another PPP lender and cannot locate your SBA Loan Number, you will need to contact that lender to obtain your number. TD does not have access to any other lender's information

What are the terms of the PPP loan?
All PPP Loans obtained June 5, 2020 or later, whether First or Second Draw loans, have the following terms:

• Fixed interest rate of 1% per annum
• Five-year term
• Unsecured with no personal guaranties required
• Subject to standard SBA promissory note terms

I obtained my PPP loan prior to June 5, 2020, what is the term of my PPP loan?
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 can I modify my PPP loan?
Customers who wish to modify their PPP loan term from 2 years to 5 years (Round 1 borrowers) must first apply for and receive a forgiveness decision from the SBA. Once a forgiveness decision has been received, borrowers should contact their PPP processor to modify the remaining balance of the PPP loan.

Note: If you want a modification but do not want any forgiveness on the PPP loan, you must submit an application showing a forgiveness request of $0. TD Bank cannot modify PPP loans without this step completed first.

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.

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 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 noreply@td.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.

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?
If you wish to pay off your PPP loan, please call your local Store Manager or Relationship Manager for assistance.

If I don't apply for forgiveness, when is my first payment due?
Customers who haven't applied for forgiveness will have to begin making payments on their loan starting 10 months after the end of their 24-week covered period.

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 the bank that the loan does not qualify for forgiveness. 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 the interest accrued on that portion, does not have to be repaid.

My first payment due date has passed but I plan to seek forgiveness. Do I have to pay?
Yes, please make any payment(s) due on your PPP loan if the due date has arrived but you have not submitted a forgiveness application.

Failure to make payments for more than 60 days will result in a delinquency with the SBA and will create a charge-off on the loan. Once this happens, TD Bank cannot help with any adjustments or forgiveness requests and you will have to work directly with the SBA.

A charge-off by the SBA can negatively impact your ability to get a business and/or personal loan in the future.

Can I add my PPP Loan to my Online Banking?
At this time, PPP Loans can only be added to online banking after applying for forgiveness and receiving a final decision from the SBA. If you have a balance remaining upon completion of the forgiveness process, you may add your PPP loan to be viewed in Online Banking.

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. The SBA has already made reconciliation payments on all of the forgiveness payments that were previously reduced by the amount of the EIDL advances.

How will I know when I need to resume payments on my SBA loan after being covered under the second round of debt relief (section 1112 payments) provided from the Economic Aid Act?
You should continue to check your monthly billing statement from TD. When it is time to resume your payment, this statement will indicate the payment amount due and the date on which it is due.