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Level 2
March 28, 2022
Question

PPP Loan Forgiveness Schedule 'C'

  • March 28, 2022
  • 1 reply
  • 3 views

I have a client that received PPP Loan forgiveness on a closed Schedule 'C' Business with no 2021 expenses.  How is this reported?  My client is located in Utah which is a non-conforming state.  Must that be reported as State Income? 

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1 reply

Just-Lisa-Now-
Intuit Community Champion
March 28, 2022
If UT taxes forgiven PPP loans, then yes, youd have to file a state return.
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