Advance Child Tax Credit Payments in 2021

In Taxes by Phyllis Ludwig

Advance Child Tax Credit payments are early payments from the IRS of 50 percent of the estimated amount of the Child Tax Credit that you may properly claim on your 2021 tax return during the 2022 tax filing season.  Note that these are ADVANCES and will have a direct impact on your 2021 tax return. If the IRS has processed your 2020 …

Phyllis Ludwig Accepted for WBENC WeTHRIVE Program

In WBENC by Phyllis Ludwig

We are excited to announce that our President and Founder, Phyllis Ludwig, has been accepted to the Summer 2021 cohort of the WBENC WeTHRIVE program. This executive program covers all areas of business and leadership and is designed to support high-growth companies, especially during these times of uncertainty. The knowledge gained through participation in this program will ensure that the …

LBC Financial Accountant Job Description

In Employment by Phyllis Ludwig

ABOUT US: Ludwig Business Consultants (LBC) is an accounting firm founded in 2002 based in North Wales, Pennsylvania.  LBC has provided outsourced Accounting, Project Management, CFO, Taxation and Business Advisory services to for-profit and not-for-profit companies. LBC is a Certified Women’s Business Enterprise (WBENC) firm, member of the AICPA and certified in the QuickBooks ProAdvisor® program. JOB DESCRIPTION: We seek …

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Updated PPP Forgiveness Documents: EZ Version of Loan Forgiveness Application

In Coronavirus by Phyllis Ludwig

The U.S. Small Business Administration (SBA) and Department of the Treasury recently released a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act, signed into law on June 5, 2020. In addition, the SBA introduced a new EZ version of the forgiveness application to help simplify the forgiveness applications for borrowers that: Are self-employed and …

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Highlights: Paycheck Protection Program Loan Forgiveness Application and Instructions

In Coronavirus by Phyllis Ludwig

By far the most intriguing, and often confusing, aspect of the Paycheck Protection Program (PPP) has been the loan forgiveness. When the PPP program was first announced many businesses yearned for support but were wary about taking on debt. The loan forgiveness aspect of the PPP transformed the program into the lifeline businesses sought. The Small Business Association (SBA) recently …

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Update: Paycheck Protection Program – Good-Faith Certification

In Coronavirus by Phyllis Ludwig

The Paycheck Protection Program has been a critical lifeline for many businesses during the current economic crisis. However, for a multitude of reasons, the requirements concerning the program have been a moving target. An area of great concern for many organizations is the good-faith certification. The CARES Act set the certification requirement for the program quite low. The original text …

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Paycheck Protection Program Loan Relief Calculator: Maximizing & Tracking Your Loan Forgiveness

In Consulting, Coronavirus by Phyllis Ludwig

Many of our clients are beginning to feel a sense of relief as funds from the Paycheck Protection Program are finally starting to appear in their bank accounts. Unfortunately, some companies are still waiting to be approved for the second round of funding that was just passed earlier this week. In either case, getting the funds is just the first …

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U.S. Treasury Releases Paycheck Protection Program Details & Application

In Coronavirus by Phyllis Ludwig

The United States Treasury has just now distributed detailed information regarding the Paycheck Protection Program including an application. We wanted to get it out to our clients as quickly as possible. Here are links to the information as well as the application directly from the United States Treasury: Top-line overview of the Paycheck Protection Program Borrower, more information can be …

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Highlights of the Paycheck Protection Program

In Coronavirus by Phyllis Ludwig

Relief for small businesses is here!  While the details are emerging, here is what we know about the Paycheck Protection Program so far. Purpose is to provide incentives to businesses to retain employees during this crisis period that is related to COVID-19. Qualified Businesses include for-profits and non-profits with less than 500 workers. Funding covers expenses from February 15 through …

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Key Elements of Any Resource Application

In Coronavirus by Phyllis Ludwig

In response to COVID-19 local, state, and federal governments have rapidly provided several resource options for small businesses. However, the various programs and separate application processes can be confusing. While each application is different, they are very similar in many ways. The key to any application is to have solid financial statements prepared. With a little preparation you will be …