Stir together 2 tablespoons frosting and red food color to deep red color. Spoon frosting into decorating bag fitted with small round tip; set aside. In small bowl, mix remaining frosting and teal food color to desired color. Trim rounded top off loaf cake. Using 3-inch biscuit cutter, cut 2 rounds from loaf cake. Place one round cake, cut side up, on plate. Spread cut side with teal frosting. Top with remaining round cake, cut side down.