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    #1

    PPP Loans

    If an S Corp received PPP money in 2020 and it was not forgiven until 2021:
    Do you report the PPP Loan as a loan on the balance sheet on the 1120S for 2020
    OR
    as other Tax exempt income on 1120S for 2020?
    Loan is in process to be 100% forgiven in 2021.
    Thanks.
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    #2
    I am keeping it on the Balance Sheet for 2020. Still waiting to find out if it will be taxable by my State so I'd rather deal with that next year.
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      #3
      I guess you could go either way. It is stated somewhere: If you feel it could be forgiven you can move it off the balance sheet liabilities to equity in 2020. No requirement either way, unless forgiven in 2020.
      This post is for discussion purposes only and should be verified with other sources before actual use.

      Many times I post additional info on the post, Click on "message board" for updated content.
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