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Cindy H
Level 2
Mar 11, 2021 10:20 PM UTC
Solved

PPP Loan

Can you tell me on which line do you enter the PPP Loan that has been forgiven?

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5 replies

josephfolsomcpa
Level 5
Mar 11, 2021 11:01 PM UTC

From my understanding this doesn't need to be reported and therefore no line, but if you are preparing a partnership or S-corp return, then it would affect basis.  For a schedule C, you don't need to do anything.

    Cindy HAuthor
    Level 2
    Mar 11, 2021 11:09 PM UTC

    Thanks for the response.  I should have stated that I am working on a SubS.

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