MykMiller
Level 2

PPP does not go in gross receipts.  On your books, you would zero the note payable PPP thru Retained Earnings and it gets added to their basis.  I am not familiar with Lacerte but Pro Series has a spot on the M-1 Items worksheet.  You list it under Income Items in Other Permanent Items.  The amount will then be reported on Sch K, line 16b, as other tax-exempt income.

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