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Let Us Crunch the Numbers - So You Can Get Back To Business!

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Find out a little about us, and get ready to partner up with TaxCrunch for all your accounting and tax preparation needs. We're located in the heart of Beer City - otherwise known as Grand Rapids, Michigan. Bookmark our website, subscribe via the email link at the bottom of this page and stay informed on today's topics!

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Wednesday, January 20th

Today's NewsCrunch

Check out some of the most recent news, handpicked by us here at TaxCrunch. These are articles that touch on current topics that may affect your business, family and your pocketbook! You can also find TaxCrunch original blogs in the "Posts" section of our website.

  • 30 year fixed mortgage rates 2.87%
  • Possible policy shifts from Biden
  • Biden proposes $1.4 trillion stimulus plan
  • 2020 tax filing season begins February 12th
  • 7 Small business trends to watch in 2021
  • Check the status of your Stimulus Payment
  • Big changes may be coming to retirement plans
  • New 2021 IRS Income Tax Brackets & Phaseout Limits
  • PPP forgiveness simplified for loans of $50K or less
  • Social Security wage base increased to $142,800 for year 2021

PPP Loan Forgiveness

PPP Loan Forgiveness for Loans Under $50K

Businesses with a Paycheck Protection Program (PPP) loan of $50,000 or less now have a much simpler avenue for loan forgiveness. The simplified forgiveness form (3508S) is a simple form that just has you confirm you spent the funds in the appropriate manner, sign it, and you're done. Spending the funds in an appropriate manner means: 

  • used to pay costs eligible for forgiveness (payroll, mortgage interest, rent, lease, utilities)
  • includes payroll costs equal to at least 60% of the forgiveness amount
  • if you used the 24 week covered period, don't exceed 2.5 months worth of 2019 compensation for any owner/self-employed person - capped at $20,833 per person.
  • if you used the 8 week covered period, don't exceed 8 weeks worth of 2019 compensation for any owner/self-employed person - capped at $15,385 per person.

You have 10 months from the completion of the covered period to apply for the loan forgiveness. Your lender will most likely prompt you when they are ready for your application.

For more information on the PPP loan forgiveness, you can check this out. 



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