CA PPP loan forgiveness

Forum|Forum|4 years ago
February 19, 2022
1 reply
8 views

I think I found a conflict on instructions between Pro Series and online regarding the wording for CA to refuse to allow tax exempt income for PPP loans forgiveness.

The instruction in PS says "an exclusion for PPP loans forgiven after 03/31/2021," and the CA info about it says "for PPP loans made after 03/31/2021."

Does anyone know which is correct? Wouldn't you know, I have one corp in CA.

ProSeries Professional

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qbteachmt

Level 15

I did a Find on AB 80 and found relative reference to CARES and CAA; not to March. This article:

https://www.ftb.ca.gov/about-ftb/newsroom/covid-19/paycheck-protection-program-loan-forgiveness.html

Has:

"The Paycheck Protection Program Extension Act (PPPEA) (Public Law 117-6) was enacted on March 30, 2021, and extended the covered period of the PPP from March 31, 2021, through June 30, 2021. California law does not conform to this extension and does not allow an exclusion from income for PPP loans made after March 31, 2021."

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Accountant-ManAuthor

Level 13

qb, that's what I found is "loans made after 3/31/21."

And a PS instructions say "loans forgiven."

I'll go with loans made.

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