Impact of PPP loan forgiveness and deductible expenses on Scorp AAA and OAA

[Kathleen1]

This question relates to both the timing for reporting the PPP loan forgiveness and the impact on the S-corp AAA and OAA. I can't seem to find anything from the IRS or AICPA after this article from March 17, 2021 requesting the following:

The AICPA makes three different requests of the IRS in the letter, asking for statements from the agency:

• Treating the debt as forgiven as the expenses are paid, and treating the application for forgiveness as merely a ministerial act;

• The expenses paid with PPP loan proceeds to be used for debt forgiveness do not reduce AAA for the S corporation; and

• The PPP loan is not treated as a debt when answering the questions on the Forms 1065 and 1120S that ask if the taxpayer has had any forgiveness of indebtedness.[2]

Does any one have something that would indicate the above issues have been addressed?  And would the loan still be shown on the balance sheet in 2020, even if it is not forgiven until 2021, but presumed to be forgiven and treated as tax-exempt income on the M-1 in 2020?