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    Forgiven PPP Loan for Self Employed Sole Proprietor?

    Mark_H
    Level 2

    Client is a self-employed (sole proprietor) consultant who received a PPP loan for his lost income. The loan was forgiven. My understanding is that forgiven loan is not taxable, but I'm also assuming that it needs to be reported. Where would I input this PPP loan/forgiveness information?

    Thanks,

    Mark

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    3 Comments 3
    TAXOH
    Level 11

    You don't need to report it.

    IRonMaN
    Level 15

    No place - other than maybe his state return 


    Slava Ukraini!
    genius
    Level 2

    Since PPP Forgiveness is FULLY TAXABLE in some states...The question remains open...How do you report it in ProSeries?

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