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Hello, please someone help me to get rid of this confusion; FTB says: The Paycheck Protection Program Extension Act (PPPEA) (Public Law 117-6) was enacted on March 30, 2021, and extended the covered period of the PPP from March 31, 2021, through June 30, 2021. California law does not conform to this extension and does not allow an exclusion from income for PPP loans made after March 31, 2021.
First, I really need your help to understand differences for 1,2 and 3 above picture.
As long as loan forgiveness is not granted, we do not have forgiveness(I mean 1 and 2 boxes are meaningless) There is a gap from applying to get a forgiveness.
My client received PPP loan forgiveness with two different times, first one has been before March 31(loan deposited on FEB first) and second one been around August 20th( the loan deposited on June 11th).
I need to get some clarity about what FTB says.
And how can I enter different times of the PPP loan forgiveness since ProSeries's questions is here and does not have separate box for different times.
So, what about California return if it is not supposed any exclusion income happens after March 31 when clients have received forgiveness, should I make an adjustment, but I did not see anything about PPPEA in CA540,also there is not any part on Federal return to enter the date before or after March 31.
I am totally confused, thank you so much for taking time to answer.