Factswrite
Level 2
06-11-2020
01:18 PM
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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?