FSBM $100,000 or greater loan forgiveness program offering requirements:
*Your credit score or debt does not disqualify you for this loan.
To be eligible businesses must meet these minimum criteria:
- Be a business or non-profits with less than 500 employees.
- Make a good faith certification that the loan is necessary in order
to maintain payroll levels.
- Must have acceptable credit history without bankruptcy and no
defaults on government-guaranteed loans in last 7 years.
- Complete the PPP Loan application form along with all
required documentation.
Loan forgiveness is applied after 8 weeks if these criteria are met:
- At least 75% of loan proceeds are used to cover payroll costs
(the rest may be used for mortgage interest, rent, and utility payments);
- Employee and compensation levels are maintained.
Financial Solutions and Business Management (FSBM) is here to help business owners navigate this process of federally funded programs. We will work with you to prepare your application package and help you understand your options.