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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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PPP Loan
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sharpcougar
Level 3
10-02-2021
11:43 AM
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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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sjrcpa
Level 15
10-02-2021
01:23 PM
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Nowhere on the federal return. The state may be a different story.
The more I know, the more I don't know.
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