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PPP Loan

Level 3

I'm sure this question was asked before and I am currently strolling down the Q&A..but here it is.

Sole Prop received PPP loan in 2020

Sole Prop used the PPP loan proceeds for salaries and rent in 2020.

PPP loan was forgiven in 2021.

how is this reported on 2020 and 2021 tax returns?

Thanks! Looking forward to hearing your responses.

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1 Comment 1
Level 15

Nowhere on the federal return. The state may be a different story.