qbteachmt
Level 15

Here's the IRS topic:

https://www.irs.gov/newsroom/cares-act-coronavirus-relief-fund-frequently-asked-questions

The income would be offset by the appropriate and specific costs incurred for the narrow purposes of these grants. That makes it regular taxable income reported as usual as business income. It's supposed to cover extraordinary costs incurred to respond to the pandemic for that business to reduce the impact to that business.

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