Emergency lending program reopens in the US

The CEO of TD Bank Greg Bracha

The Small Business Administration’s emergency lending program was reopening yesterday for new applicants hoping to get the piece of the 310 billion dollars and forgivable loans – the backlog of applications flooding the system.

TD Bank announced yesterday that it had approved nearly 26 000 applications for approximately 6.1 billion dollars in the PPP loans in the first round.

The CEO of TD Bank Greg Bracha commented about the program in terms of getting the money and the customer’s reaction.

“The PPP round 2 just started. It is very clear to us, though, that more than 1 million businesses that being helped in round 1 and 10 million employees had supported across the country.

This was a critically needed program, and we should remind ourselves that round 1 got off to a bit of a slow start for this unprecedented program.

We’re really really proud at first because all of the small businesses and our clients at TD doing everything they can to keep their teams and their employees together. For the second thing, I would just give an example: 26 000 applications we were able to get through in round one.

Just think about that we’re the largest SBA lender on the entire East Coast, and in any given year, we would normally make 3 000 applications in a full year.

A week and a half ago, we took in and completed 26 000 applications, so it’s been unprecedented volume without a question that is fantastic.

However, the situation is still critical for small businesses as we think about how do we start and jumpstart the economy.

Hopefully, in the coming weeks and months, it’s also critical for the employees who have families of mortgages that have rents to pay, car loans to be made.

So, TD and I’m sure that the banks across the country have a program as we have. It’s called TD cares in addition to this PPP program that directly deals with situations like that. Everything to help small businesses with their existing obligations and debts.

I couldn’t be proud more proud of our 26000 colleagues in the U.S. here that are literally working around the clock and standing up abilities all day long.

Now when the funds ran out, we’ve got at least another 26 to 30 thousand applications ready to go for round two in the queue, so we’re very much focused on getting through the second round.”

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