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- How do we enter a PPP loan which was not forgiven? The client ended up going out of business and had to pay the loan off.
How do we enter a PPP loan which was not forgiven? The client ended up going out of business and had to pay the loan off.
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pdklecker
Level 1
04-29-2021
04:28 PM
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A client had to close their business before they received PPP loan funds. They paid the loan off when they sold the business. How do I enter an unforgiven PPP loan which is repaid?
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1 Comment 1
sjrcpa
Level 15
04-29-2021
05:09 PM
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It's a liability until paid. Then repayment zeroes out the liability. There is no tax deduction to be had for repaying a loan (except for the interest part if any was paid).
Ex-AllStar
