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hollywood
Level 2
Jan 15, 2021 5:58 PM UTC
Question

Where to enter EIDL Grant? PPP Loan?

I am trying to find a place to enter the EIDL grant (the 1k/employee) in Lacerte for an S-Corp.

Where do you think this will be input.  

 

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21 replies

Accountant-Man
Accountant-Man
Level 13
Jan 15, 2021 6:03 PM UTC

What do you mean by this, <<(the 1k/employee>>?

** I am "Elevating with Intention!"
hollywoodAuthor
Level 2
Jan 15, 2021 6:06 PM UTC

The 1k Grant per employee up to 10k grant, not the PPP loan.

TaxGuyBill
Jan 15, 2021 6:16 PM UTC

It is nontaxable, just like the forgiven PPP.

So it is not an item of income for tax purposes.  It would be income for book income (Balance Sheet) with a M-1 Adjustment.

    TaxGuyBill
    Jan 20, 2021 10:11 PM UTC

    I want to post a potential correction to my prior answer.

    If I understand things correctly, it should be entered as tax-exempt income on the tax return.  That is because it DOES affect your Basis.

    Can anybody confirm that for me?

      sjrcpa
      sjrcpa
      Level 15
      Jan 21, 2021 12:37 AM UTC

      Confirmed (again  😀)

      The more I know the more I don’t know.
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