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PPP Loan

Cindy H
Level 1

Can you tell me on which line do you enter the PPP Loan that has been forgiven?

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4 Replies 4
josephfolsomcpa
Level 4

From my understanding this doesn't need to be reported and therefore no line, but if you are preparing a partnership or S-corp return, then it would affect basis.  For a schedule C, you don't need to do anything.

Cindy H
Level 1

Thanks for the response.  I should have stated that I am working on a SubS.

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dd4vols
Level 9

that's a M-1 adjustment.

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