On Tuesday, April 7th, 2020 we have learned that of $61B in PPP loans approved, biggest two industries are Construction at $9B and Manufacturing at $7B. SBA has increased customer service reps from 300 to 2,700. With the SBA PPP loan money running out very quick, small business owners looking to make payroll in other industries are getting extremely frustrated.
Around 10:00 pm est on Sunday night (April 5th, 2020) Wells Fargo announced they were closing the SBA PPP loan application portal due to being over capacity. This may very well happen with TD Bank so it would be advisable to get your application submitted as soon as you can.
Here is a conversation from small business owners looking for a TD Bank SBA PPP loan on Sunday, April 5th, 2020:
Just to keep everybody on the same page and hold your bank accountable for how they are handling EIDL and PPP, should each bank get its own thread so its business customers can make sure information is consistent?
My local (in D.C.) SBA rep for TD Bank told me yesterday that TD Bank won’t even have an application up until possibly the middle of this week but will be sending out notifications to business customers via their online banking portal’s messaging center when the apps are open.
They are starting currently dealing with their own customers but you DO NOT need to have an outstanding loan with them. A business checking/savings account should suffice.
I haven’t been able to apply yet so it does concern me a little when I see others have already been awarded loans but he did seem very confident (and my own research appears to confirm) that Congress will pass another bill should this first pool of money be exhausted.
Are other TD Bank customers hearing any different?
Response: I spoke with a manager at a local TD BANK and she said they should have the app launched by Mon 4/6 or Tues 4/7.
A link of potential documents needed for PPP
As of April 5th, 2020 (Sunday) we have yet to hear any success stories from TD Bank borrowers. In fact, many are still very angry as seen below:
President Trump, I love you, voted for and trust in you – HOWEVER YOU ARENT GETTING ALL THE INFO – I APPLIED FOR PPP AND MY BANK TOLD ME THAT THEY EOULD NOT BE READY TILL AT LEAST TUESDAY- (TD BANK). REASON BEING THAT WERE ARAID OF THEIR RESPONSIBILITY IT HAD NOT BEEN CLEAR!
— Lou (@Lou90017914) April 4, 2020
We have learned that borrowers are going to get an SBA ETRANS number or assignment/commitment number which guarantees money will go into your TD Bank business banking account. This is a very fluid situation and is changing hour by hour. We will continue to update this page as we learn more.
Over the first 24 hours of the SBA PPP loan launch millions of small businesses are frustrated with Bank of America, Wells Fargo, CitiBank and TD Bank. Unfortunately, small business owners in the northeast are struggling to get money through TD Bank’s PPP program. As seen here:
Hey @TDBank_US @TDANetwork @TDNews_US other customers are complaining that you aren’t taking #ppp applications. Should I just tell the women I have to furlough to ask you why? @BankofAmerica and @MyRepublicBank are taking care of their businesses. Why won’t you? #philly #PPPFail https://t.co/IVU55qWTev
— Michael Diamondstein (@mjdsteinesq) April 4, 2020
You can submit your TD Bank PPP form here but a number of small business owners are reporting that TD Bank is either not contacting them or returning their calls. These small businesses cannot wait days or weeks to get money as they need to make payroll today. You can get up to the second SBA PPP loan news here.
Have you tried to apply for TD Bank’s SBA PPP loan program? Please tell us your story in the comments below. If you cannot get a loan with TD Bank have you started to think of other alternatives such as My Republic Bank?
UPDATE: We did not realize TD Bank has locations in New Jersey, U.S. Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas, Vermont, Virginia, Washington, D.C. Therefore, it is not just small business owners in the northeast that are struggling to get in touch with TD Bank.