TD Bank President and CEO Greg Braca virtually joined the hosts of CNBC's "Power Lunch" Wednesday to sum up the past few inspiring weeks, as thousands of TD colleagues stepped up and helped small businesses across our footprint by getting them the financial help they desperately need amid the effort to slow the spread of COVID-19.
Braca explained that since TD's digital application for the Paycheck Protection Program (PPP) went live April 6, more than 26,000 loans for its business customers had been approved to the tune of $6.1 billion, helping the more than one half-million workers these businesses employ.
"Thousands of these customers we've heard from directly told us how much they’ve appreciated the support and the timeliness of the turnaround," Braca said. He added that these funds mean "so much to them and their employees."
Under PPP, loans are subject to forgiveness if they are used for eligible payroll costs and other expenses, such as utilities and rent.
In comparison to the past two weeks, TD usually approves around 3,000 SBA applications each year, and Braca adds, "We are the largest SBA lender on the East Coast, bar none. "Thousands of colleagues worked around the clock to get the application online in less than 72 hours, build the platform and then review and process PPP loans, administered by the U.S. Small Business Administration (SBA), as part of the Coronavirus Aid, Relief and Economic Security (CARES Act).
"It's been an enormous undertaking," Braca said.
What's more, 82% of our approved loans were provided to companies with less than 25 employees, Braca added.
"The vast majority were small [business] customers indeed … We were really pleased with the ability to intake this kind of volume," he said of the thousands of applications that poured in since April 6. "I feel good about what TD is doing."
But Braca stressed that TD's work to help small businesses is not done yet.
Tuesday, Congress passed a bill for more than $300 billion more in PPP funding, expected to be signed into law later this week. This comes after the historic $349 billion slated for small businesses through the CARES Act was exhausted last week.
For businesses that have applied but didn't get their loan approvals yet, Braca said TD continues to review and process submissions, as well as help customers go back and rework incomplete applications.
"We think the spirit of what the SBA and legislation was trying to do was what TD Bank has accomplished thus far for its valued Small Business clients," Braca closed.