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

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April 2022

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 5.32%
  • Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns 
  • IRS explains new treatment of excess premium tax credits
  • Biden takes aim at top 0.3% - tax capital gains like wages
  • Will you get the 3rd stimulus check?
  • IRS issues employee retention credit guidance
  • FAQ on Stimulus, Unemployment and Tax Rebates
  • 7 Small business trends to watch in 2021
  • Check the status of your Stimulus Payment
  • 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 

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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