The TGG Loan Forgiveness Tracker is meant to be used by qualified accounting professionals and business owners with financial accumen. The tool works as well as the information (and veracity of information) that is put into the tool. TGG is secure in the validity of the tool but cannot take responsibility for the way in which any person or business uses the tool. Please reach out to our team if you need help tracking your accounting.
SBA PPP Loan Criteria
Strategies to ensure forgiveness:
- Use the TGG SBA PPP Tracker tool.
- Place funds in a separate account.
- Return funds that are not used in the allotted time period for the appropriate use.
- Non-forgiven loans revert to the terms of the loan at 2 years, 1% interest with 6 months deferred payments.
- Keep impeccable records of expenses. Bank records, expense reports, physical receipts.
US Banks originate the SBA PPP Loans.
Most banks will only accept loan applications from existing customers.
A few exceptions can be found here :https://thinksba.com/cv/
Other Stimulus Resources
Have you applied for the MSELF Loan?
The Main Street Lending Program will enhance support for small and mid-sized businesses that were in good financial standing before the crisis by offering 4-year loans to companies employing up to 10,000 workers or with revenues of less than $2.5 billion. Principal and interest payments will be deferred for one year. Eligible banks may originate new Main Street loans or use Main Street loans to increase the size of existing loans to businesses.