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RECIEVED SBA EIDL LOAN

Veronica
Level 2

Do they have to report it on tax return? if so where do I put it?

If they don't , how do I write off all expenses its causing them to have a 50k loss on expenses that was paid with loan. Please help , Im just confused. Might be very simple. Just cant think right now... 

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qbteachmt
Level 15

Here is your Help article:

https://proconnect.intuit.com/community/business-income-taxes/help/how-to-enter-forgiven-ppp-loans-i...

 

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2 Comments 2
qbteachmt
Level 15

Here is your Help article:

https://proconnect.intuit.com/community/business-income-taxes/help/how-to-enter-forgiven-ppp-loans-i...

 

*******************************
Don't yell at us; we're volunteers
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Veronica
Level 2

This is a great answer, but my client is a sole proprietor on a schedule C with EIDL not PPP loan. Can you give me instructions...on this situation

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