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PPP Loan Forgiveness Period Beginning to Close; Payments May Be Due

PPP Loan Forgiveness Period Beginning to Close; Payments May Be DueFrom my article on Entrepreneur

Small-business owners who obtained a Paycheck Protection Program (PPP) loan in 2020 need to pay close attention to their forgiveness period, as the window of time to avoid  of principal and interest is closing. For example, if you obtained a PPP loan on April 15, 2020, and took the maximum coverage period of 24 weeks, you will have until this August 30 to apply for forgiveness. If you fail to apply for forgiveness in time, you will be responsible for monthly interest and principal loan payments…

Read the article on Entrepreneur here.

Tax Rules for Buying and Selling Bitcoin and Other Crypto

From my article on Entrepreneur

When you buy Bitcoin and sell it for a profit you are subject to capital-gains taxes. This is the case whether you buy Bitcoin and sell it for dollars or whether you exchange it for other cryptocurrency for a profit. This is also the case if you buy Bitcoin, it goes up in value and then you exchange the Bitcoin for goods or services.

Read the article on Entrepreneur here.

New Stimulus Bill Includes Second Round of PPP Loans for Small Business and Forgiveness Rule Changes Favorable to Borrowers

From my article on Entrepreneur

Congress at last passed a second stimulus bill this week — as of this writing, it is still awaiting President Trump’s signature — and it includes a second round of PPP loans for affected small businesses as well as loan-forgiveness rule changes that are favorable to PPP borrowers. The second round of PPP loans for affected small businesses are referred to as “second draw loans.” While the rules for these second draw loans are familiar, they have changed drastically from the original program, so small businesses and lenders need to get up to speed quickly on who qualifies. In addition to providing a second draw of PPP loan funding for qualifying business, the legislation includes favorable changes to loan-forgiveness taxation and adds a simplified one-page forgiveness application for loans of $150,000 or less.

Read the article on Entrepreneur here.