Basically, the number of bits of entropy is the number of bits of information that would be required to completely specify the system's state, given the macroscopic information you have. For a BH, the "macroscopic information" would be its mass, charge, and spin.
Strictly speaking, a Planck mass BH would have *zero* bits of entropy since it has only 1 possible internal state (and therefore no information is required to specify what state it is in); so I was off by 1 bit in my previous post. (Also, strictly speaking, by "Planck mass BH" I really meant "Planck mass BH with zero charge or spin"--I don't know offhand how the presence of charge or spin changes things at this scale.)