"Maybe it will be in a later update?" Maybe. I hope so.

But if you're gung ho now you can always make a Statement in Notes.

Per a call to Lacerte just now, representative did not have an answer.

I'm not surprised.

Here are those instructions.  IRS has hired an army of older men wearing green eyeshades, to read each statement:

Forgiveness of Paycheck
Protection Program (PPP)
Loans
The forgiveness of a PPP Loan creates
tax-exempt income, so although you
don't need to report the income from the
forgiveness of your PPP Loan on Form
1040 or 1040-SR, you do need to report
certain information related to your PPP
Loan.
Rev. Proc. 2021-48, 2021-49 I.R.B.
835, permits taxpayers to treat tax-exempt income resulting from the forgiveness of a PPP Loan as received or accrued: (1) as, and to the extent that, eligible expenses are paid or incurred; (2)
when you apply for forgiveness of the
PPP Loan; or (3) when forgiveness of
the PPP Loan is granted. If you have
tax-exempt income resulting from the
forgiveness of a PPP Loan, attach a
statement to your return reporting each
taxable year for which you are applying
Rev. Proc. 2021-48, and which section
of Rev. Proc. 2021-48 you are applying—either section 3.01(1), (2), or (3).
Any statement should include the following information for each PPP Loan:
1. Your name, address, and ITIN or
SSN;
2. A statement that you are applying
or applied section 3.01(1), (2), or (3) of
Rev. Proc. 2021-48, and for what taxable year (2020 or 2021) as applicable;
3. The amount of tax-exempt income from forgiveness of the PPP Loan
that you are treating as received or accrued and for what taxable year (2020 or
2021); and
4. Whether forgiveness of the PPP
Loan has been granted as of the date you
file your return.
Write “RP2021-48” at the top of your
attached statement.

Yes, we will just have to wait to see if Lacerte supplies the statement, as I have been mentioning or if preparers will have to create their own.  

The instructions for the 1120S want not only the PPP loan to be reported on the M2 in the OAA which is column D but they want all the associated expenses reported in the OAA column also which means that the expenses are reported in two places on the M-2.

I wonder if the IRS wants us to file an amended tax return for 2020?

Just correct the OAA balance on the 2021 return.

https://www.currentfederaltaxdevelopments.com/blog/2022/1/3/irs-draft-2021-s-return-instructions-pro...

That's my plan.

The AAA adjustment is unique to the 1120S as I believe it is non-applicable for partnerships/C corporation, however it also doesn't appear that these entity types are required to attach the same statements as both individual (businesses) and S corporation per the respective instruction(s) for each:

Attach a statement to the S corporation {1040} return for each tax year in
which the S corporation is applying Rev. Proc. 2021-48. Any thoughts?

Lacerte now supplies the statement.  In the section where you enter the PPP Forgiveness income (Sched  C, E, etc.) there's a "Required PPP Loan Forgiveness Statement” 'button' that takes you to the miscellaneous section on screen 3 to enter the statement info.  Also, it looks like the Scorp module correctly reports the forgiveness in column d of the M-2.

1065 and 1120 instructions do seem to require statements attachments related to Rev. Proc. 2021-48.  Perhaps you were looking at an earlier version of the instructions?