Mairof
Level 3
‎02-02-2022 02:53 PM

A client in 2020 applied for a PPP loan for $10,000. & Only 7,000 was forgiven by SBA. How do I handle the 3,000 amount that was not forgiven? The customer paid the 3,000 but then the bank returned this to the customer. 

- Spanish assistance preferred, but not required. 

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sjrcpa
Level 15
‎02-02-2022 02:59 PM

"The customer paid the 3,000 but then the bank returned this to the customer. "

This sounds like it was forgiven then.

 

What type of return are you preparing?


The more I know the more I don’t know.
Mairof
Level 3
‎02-02-2022 03:44 PM

It is LLC

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sjrcpa
Level 15
‎02-02-2022 04:14 PM

It's tax exempt income.


The more I know the more I don’t know.
Mairof
Level 3
‎02-18-2022 03:27 PM

Thank you!!

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