Data entry for Paycheck Protection Program (PPP) loans for corporations

PPP loans included in book income and Schedule M-1 prints

Go to the
Mc
or
Ms
screen in the
Balance Sheet
folder.
Enter data in the statement window attached to the
PPP loan forgiveness
field.
For an S-Corporation, enter expenses in the
Current year expenses paid from forgiven PPP loans
and/or the
Prior year expenses paid from forgiven PPP loans
fields in the
Ms
screen.

Data entry reporting

Forgiven PPP loan proceeds is reported on Schedule M-1 as income on books not on return.
For an S-Corporation, forgiven PPP loan proceeds is also reported on:
Schedule K, line 16b
Schedule K-1, Box 16B
Shareholder’s Basis Worksheet, Page 1, Line 7
Schedule M-2, line 3(d)
For an S-Corporation, both current-year and prior-year expenses paid with proceeds from forgiven PPP loans are reported on Schedule M-2, lines 3(a) and 5(d).
A required statement based on the data entered in the
PPP loan forgiveness
statement window.

PPP loans not included in book income