MykMiller
Level 3
02-18-2021
09:59 AM
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PPP does not go in gross receipts. On your books, you would zero the note payable PPP thru Retained Earnings and it gets added to their basis. I am not familiar with Lacerte but Pro Series has a spot on the M-1 Items worksheet. You list it under Income Items in Other Permanent Items. The amount will then be reported on Sch K, line 16b, as other tax-exempt income.