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Level 4
February 2, 2022
Question

how do i enter a PPP loan that has not been forgiven by SBA but the bank ended up reimbursing the client

A client in 2020 applied for a PPP loan for $10,000. & Only 7,000 was forgiven by SBA. How do I handle the 3,000 amount that was not forgiven? The customer paid the 3,000 but then the bank returned this to the customer. 

- Spanish assistance preferred, but not required. 

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4 replies

sjrcpa
Level 15
February 2, 2022

"The customer paid the 3,000 but then the bank returned this to the customer. "

This sounds like it was forgiven then.

 

What type of return are you preparing?

The more I know the more I don’t know.
MairofAuthor
Level 4
February 2, 2022

It is LLC

sjrcpa
Level 15
February 2, 2022

It's tax exempt income.

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