Factswrite
Level 2

I have a C Corp whose fiscal year ends June 30.  How do I report the PPP loan forgiveness if granted by filing date?

I assume I reduce Wage, Utilities, and Rent expense.  However, the Wage expense will not reconcile with the 941.  Would I even care if it doesn't?

If the loan is forgiven after I file, do I need to amend or apply in the new fiscal year?