PPP Round 1 by the numbers, including $6.1 billion in relief
From bakers and coffee brewers to nonprofits like clinics and the United Way, TD Bank has been proud to help businesses and organizations across the country through the Paycheck Protection Program (PPP), administered by the Small Business Administration (SBA).
While round two is well underway, there are some key facts and figures we'd like to share from the first round of funding.
In all, TD helped more than 26,000 small businesses secure PPP funding during round one for a total of $6.1 billion in relief.
The average loan was $230,000 and 82% of the businesses that received funding through this program have 25 or fewer employees.
Under the PPP, loan amounts are subject to forgiveness if they are used for eligible payroll costs and other expenses, such as utilities and rent.
As the leading SBA lender in our Maine to Florida footprint, TD usually approves around 3,000 SBA applications each year. During round one, we processed 10 times this annual average in just 10 days.
Want to learn more about COVID-19?