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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 …

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Treasury, IRS and Labor Announce FFCRA Payroll Tax Credits

In Coronavirus, Taxes by Phyllis Ludwig

On March 18th H.R. 6201 – Families First Coronavirus Response Act (FFCRA) was signed into law offering emergency support and requiring paid leave for small business employees affected by coronavirus. The intent of the bill is to support employees who are unable to work for COVID-19 related reasons. While this creates a significant burden for small business employers the bill …

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Temple SBDC Webinar: COVID-19 & Local Funding for Small Businesses

In Coronavirus by Phyllis Ludwig

We, at Ludwig Business Consultants, stand together with you, our trusted clients, colleagues, and friends during a time of great uncertainty. We are in process of creating a Business Assessment Center to lead you through today’s immediate needs and tomorrow’s recovery. Here is a link to a Temple hosted SBDC webinar relative to Local Funding opportunities for Small Business owners …