TD Bank, America's Most Convenient Bank®, today announced that it was one of the U.S. Small Business Administration's top participants in the Paycheck Protection Program (PPP), approving nearly 26,000 applications for approximately $6.1 billion in loans prior to the funding being exhausted on April 16. Nearly 82% of TD's approved PPP loans went to businesses with 25 or fewer employees.
"As the leading SBA lender from Maine to Florida, TD Bank is dedicated to helping our business customers and we reinforced that commitment by helping to provide relief through the PPP to those affected by COVID-19," said Chris Giamo, Head of Commercial Bank, TD Bank. "Small businesses are a vital part of our communities and local economies. While we help businesses succeed in good times, we especially want to be a trusted resource for them during times of crisis."
TD built and launched a customized online PPP application following guidance received from the SBA and U.S. Department of Treasury. In addition, the bank rapidly trained and cross-trained thousands of employees to evaluate and process PPP applications.
"We understand that our business customers are faced with difficult choices and circumstances, so we worked and will continue to work as quickly as possible to get these needed funds to them in the event that more funding becomes available," Giamo said. "TD continues to review PPP applications in anticipation that the federal government will replenish funding in the coming days for this important program. We will be ready to submit additional applications in our queue on behalf of our business customers."
TD Bank also is offering financial relief options through TD Cares, a comprehensive program for U.S. customers in response to the COVID-19 pandemic. Customers who are impacted by COVID-19 and reach out to TD for help as directed are eligible to receive the financial assistance, which may include certain fee refunds for business deposit and Merchant Solutions accounts, early no-penalty access to Certificates of Deposit, loan assistance and other relief options. Additional information is available at www.td.com/covid.
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 9 million customers with a full range of retail, small business and commercial banking products and services at more than 1,200 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com/us.
Martha A. Gaston, APR