Standard mileage rates for 2021

Beginning on January 1, 2021 the standard mileage rates for the using your vehicle will be:

• 56 cents per mile driven for business use, it went down 1.5 cent from the rate for 2020.
• 16 cents per mile for medical, or moving purposes for qualified active duty member of the Armed Forces, it will down 1 cent from the rate for 2020 
• 14 cents per mile driven in service of charitable organizations, the rate is set by statute and remains unchanged from 2020.

You can only use mileage as a tax deductions for business, charitable, medical, and moving purposes.

PPP LOAN FORGIVENESS REQUIREMENTS 2020

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  What are the loan forgiveness requirements?

Borrowers are eligible for loan forgiveness for 8 weeks commencing from origination date of the loan of payroll costs and rent payments, utility payments, or mortgage interest payments. Eligible payroll costs do not include annual compensation greater than $100,000 for individual employees.

The amount of loan forgiveness may be reduced if the employer reduces the number of employees as compared to the prior year, or if the employer reduces the pay of any employee by more than 25% as of the last calendar quarter. Employers who re-hire workers previously laid off as a result of the COVID-19 crisis will not be penalized for having a reduced payroll for the beginning of the relevant period. Forgiveness may also include additional wages paid to tipped workers.

Borrowers must apply for loan forgiveness to their lenders by submitting required documentation (as discussed in further detail below) and will receive a decision within 60 days.

If a balance remains after the borrower receives loan forgiveness, the outstanding loan will have a maximum maturity date of 10 years after the application.