$10B
EIDL
$350B
SBA PPP
$600B
MSELF
We have developed a toolkit to help business owners determine eligibility, and secure the SBA PPP forgivable loans.
The eligibility review is free.
The full toolkit includes a step by step walkthrough with encrypted and secure automated review of uploaded documents. The full toolkit is $750 ($500 for the first 50 enrollees) paid on completion of the eligibility portion of the toolkit below. For a personal TGG guide through the process, the cost is only $1,500.
SBA PPP Loan Criteria
SBA PPP Loans are forgivable:
- If the business uses 75% of the loan amount to pay payroll expenses during the 8 week period following receipt of the funds.
- If the business uses 25% for operating expenses.
- If the business can verify the use of funds.
Strategies to ensure forgiveness:
- Place funds in a separate account.
- Return funds that are not used in the allotted time period for the appropriate use.
- i.e. For a loan of $100K, $75K must be used in the 8 weeks to cover payroll. If the business only has $60K in payroll costs in those 8 weeks, they should either return the money or assume that portion of the loan, $15K will be un-forgiven. 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/
Read the entire Federal Reserve Press Release HERE: https://www.federalreserve.gov/newsevents/pressreleases/monetary20200409a.htm
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.
Articles & Resource Links
How to Prepare for a Supply Chain Disruption in the Future
4 Tax Credits That Will Save You Thousands
Your Questions. Our Answers. The Latest on the Government Stimulus Programs
New Law Passed! Government Still Giving Away Money to Small Business Owners
TGG Video: The Latest Stimulus Bill Updates You Need to Know
Video: 8 Things for Small Businesses to Know about the Latest Coronavirus Relief Bill
Top 10 Takeaways on the Latest IRS Ruling Regarding PPP Forgiveness
The Latest Changes to SBA PPP Loan Forgiveness and What You Need to Know
Has your Planning Process Vanished Since COVID?
Bonfire Chat: Is the Main Street Lending Program right for you?
How Can Your CFO Can Move the Needle
