Greg Braca Says TD Colleagues Working Around the Clock to Process Second Wave of Small Business Loans

Greg Braca on Fox Business

April 29, 2020 - COVID-19 Small Business & Commercial DC, DE, MD, VA Florida New England New Jersey, New York and PA North and South Carolina

"Here we go, round 2," he said, after TD got more than 26,000 loans approved in round 1 of funding.

With the second round of PPP funding underway this week, TD Bank is working closely with the U.S. Small Business Administration to help as many of our small business clients as possible during this unprecedented time.

Last week, the government approved more than $300 billion in additional funds for struggling small businesses amid the COVID-19 pandemic after the original $349 billion had been exhausted. The much-needed funds are part of the historic Coronavirus Aid, Relief, and Economic Security (CARES Act).

TD Bank CEO and President Greg Braca joined Fox Business's "Mornings with Maria" on Tuesday after a successful few weeks in which the Bank was able to get more than 26,000 PPP loans approved totaling approximately $6.1 billion for business customers.

Braca was extremely pleased the Bank was able to handle this "unprecedented volume" and help so many businesses that needed it most, 82% of them with less than 25 employees. Considering the Bank typically approves a total of 3,000 loans through the SBA each year, this number is astounding, Braca said.

"Here we go, round 2," he said with pride for the dedication and professionalism that more than 20,000 TD Bank colleagues in the U.S. have shown when their customers needed them the most.

He added colleagues are now working around the clock to process and submit the almost 30,000 loans that had been in the system's queue when funding ran out during the first wave of PPP.

"It's very clear to us, that for tens of millions of employees, this was critically important," he said, referring to the employees that have been laid off or furloughed as government-mandated shutdowns went into affect beginning last month.

Braca underscored the real impact these loans are having on the employees of small businesses, allowing them to continue to get paid and make their mortgage and car payments amid the pandemic.

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