Loans dont get entered on a Sch C.

Do they get entered anywhere else on the return? My gut says no but I want to make sure.

@Dottie Fauci I believe the answer is no... Loans received and loan principal paid are generally not reportable transactions on form 1040... the schedule C and the form 1040 do not have a balance sheet... Other types of returns like 1120 for Corporation do have balance sheets... Hope this helps and as you know it is just my opinion...

I have the same question. There has to be somewhere where it has to be reported, right? Is anyone here from CA? Do you report it on the state side at all?

@GUBABOSTROM 

I suggest you check on the message board at Spidell (THE source of info for CA things).

(https://www.caltax.com/forums/forum/message-board/)

CA passed/Newsom signed AB80 late April which deals with PPP loans/related deductions for CA purposes.  It's complicated.

Lol!

It's definitely complicated. Thank you!

YVW... and just FYI, their webinars are great.  Well worth what they cost.