The SBA Payroll Protection Program (PPP) Loan Forgiveness Criteria Are Changing…

Our TGG PPP Loan Forgiveness Tracker will help you remain in compliance with the ever-changing forgiveness terms.*

If your business received funds, you must track the spending in order to have the loan amount forgiven.

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The TGG PPP Loan Forgiveness Tracker costs $99. The NEW template can be purchased & downloaded below.

Existing clients of TGG Accounting should email their team for their FREE Loan Forgiveness Tracker link.

The TGG PPP Loan Forgiveness Tracker will guide you through the necessary steps to keep your SBA PPP funds in compliance.*

*TGG cannot  know how exactly the forgiveness details will now be interpreted.

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Here’s what changed in the February 24th update:

  1. Added a section to track costs related to the new Forgivable Expense categories allowed in the December 27, 2020 stimulus package known as the Consolidated Appropriations Act, 2021.

July 8th update:

  1. Updated the penalty column for wage reduction to reflect the 24 week option

June 18th update:

  1. Owner compensation limited to $20,833 under the 24 week covered period
  2. Safe Harbor wage date moved from 6/30/2020 to 12/31/2020 or loan forgiveness application date, whichever is earlier

June 9th update:

  • Addition of 16 more weeks on the payroll, FTE, and all expense tabs. Correction of the inputs to the main calculator tab depending on time period selected.
  • Extension of the cash report to 24 weeks. Watch out if you update this on your own – the formulas don’t just drag over.
  • Selector on the first tab of either 8 or 24 weeks, which updates many formulas including the end of the covered or alternative periods on the first tab.
  • Selector results in accurate totals/averages on the Payroll and FTE tabs based on the time frame chosen. See “Total Comp” column on the Payroll Tab or “Average FTE” column on the FTE tab for formulas.
  • Update on the FTE tab safe harbor date to December 31, 2020 (cell J8 on the “FTE” tab)
  • Correct the Application Line 10 formula and text to show the new 60% payroll cost requirement.
  • Schedule A Table limits are updated to the max amount permitted whether 8 or 24 weeks are selected on the main tab.
  • There is a new question on the main calculator tab asking if the company has been unable to return to prior operating levels due to health restrictions, if yes, then the FTE calculation reverts to 100%.
  • Updating a few of the lines on the Schedule A and Calculator description text to align with the new covered periods.
  • Updated reporting tab to take the lesser of 2019 pro-rata payroll or $15,385 for owner-employees.

May 22nd update:

  • Calculator Tab
    • Added: Payroll Frequency and Alternative Covered Period. For weekly or biweekly payroll employers, you can elect to start the 8 weeks of payroll on the first day of the next payroll period after funding. This will align the payroll for the incurred amounts to a full additional week.
      • NOTE: The alternative date only applies to the payroll costs.  Other covered costs start on the day of funding.
    • Changed: the calculator to calculate each line per the forgiveness application. They are labeled Line 1., Line 2., etc. to align to the application
    • Changed: the reduction modifiers. The previous versions calculated independently for the 75.0% wage and the FTEs. SBA calculation is 75.0% first then subtotal times the FTE modifier
    • Changed: Forgiveness calculation to the lessor of 1. Modified total (total spend less the FTE or wage reduction modifiers), total loan amount, or payroll costs divided by 75.0%
    • Added: Schedule A Tab. This has all the inputs for schedule A. No inputs on this tab unless company elects to use alternative average FTE (seasonal employers only)
    • Added: Schedule A Tables. This is table 1, table 2, and owner comp. Enter EE IDs on the appropriate tables and payroll/FTE data will pull in. These should be able to PDF and attach to the application.
      • NOTE: this MUST be completed to feed into the calculator and Schedule A.
  • Payroll Tab
    • Added: Hire & Term Dates to EE information
      • Hire dates to use as reference for table 1 vs table 2 determination.
      • Term dates will pull into the FTE tab for the FTE reduction testing.
    • Changed: 75.0% Ave to calculate average hourly rate for Q1 vs the average weekly pay in previous version.  For salaried individuals use standard 40 hours/week in hours for payroll average and FTE tab.
    • Added: Incurred Payroll column. Enter the week of the incurred payroll that is paid after the covered period to pull the data into the correct week on cash flow.
    • Added: Hourly and Wage reduction and Safe Harbor Test in columns Z-AJ. Safe Harbor test data is only necessary to enter for individuals that fall below the 75.0% test.  Enter as an hourly rate for both hourly and salary employees. This will test ALL employees, but will only effect employees on Table 1. The determination of table 1 vs table 2 is based on 2019 compensation levels that are not in any other calculations, so it is not being limited on this schedule.
    • Changed: Eligible payroll subtotal to be a manual weekly adjustment. The only thing this feeds into is the cash flow report.
    • Deleted: $100k & 75.0% prorations per person. The prorated $100k is in the tables. The reduction is now in the box 3 column of the reduction testing.
  • FTE Tab
    • Added: FTE methodology. Company has the choice to calculate by rounding to the nearest tenth or 0.5.
      • NOTE: Companies will likely need to recalculate historical benchmarks to match the current methodology selected.
    • Added: Safe Harbor test inputs.
    • Added: Status at End of Period. This is pulled off the payroll tab for the term date
    • Added: Term Reason. Some termination reasons qualify for reduction exceptions.
    • Added: Column for hours in the incurred/unpaid period
    • Added: Testing for the reduction exceptions. Company should evaluate for anyone that is less than normal hours compared to Q1. If there is a qualifying reason for reduction, the company must not have rehired for that position during the period to qualify for the exception.
  • Cash Flow
    • Added: Columns for qualifying pay-outs after the 8-weeks for cost incurred but not paid until the normal schedule after the covered period.


The TGG Loan Forgiveness Tracker has been constructed utilizing conservatism and can change at a future date when additional guidance and clarity is provided by the SBA.

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.

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SBA PPP Loan Criteria

Strategies to ensure forgiveness:

  1. Use the TGG SBA PPP Tracker tool.
  2. Place funds in a separate account.
  3. Return funds that are not used in the allotted time period for the appropriate use.
  4.  Non-forgiven loans revert to the terms of the loan at 2 years, 1% interest with 6 months deferred payments.
  5. 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 :

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.

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