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.

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.

Step 1: Determine if your business is eligible and ready to apply

  1. 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
  2. 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.
  3. 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.
  4. 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: