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PPP for self employment

ajp
Level 4

I saw the article about PPP Loans and loan forgiveness for partnerships and corporations, but what about the self-employed?  Can anyone point me in the right direction?

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dascpa
Level 8

If forgiven by the bank then no issue.  On a 1065/1120/1120S return it would be a M-1 adjustment.  On a Schedule C there is no reporting that is required.  Some people are attaching a note to the return, but again, not required.

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dascpa
Level 8

If forgiven by the bank then no issue.  On a 1065/1120/1120S return it would be a M-1 adjustment.  On a Schedule C there is no reporting that is required.  Some people are attaching a note to the return, but again, not required.

View solution in original post