PPP Loan Forgiveness Recognition

Technical topics regarding tax preparation.
#1
GACPA  
Posts:
37
Joined:
8-Feb-2016 11:09am
Location:
Georgia
I have several clients that received both the first and second PPP loans and have not yet filed for forgiveness. The loans should be forgiven in 2021. Should the PPP non-taxable income be shown on the 2020 tax return since it is likely to be forgiven or wait until the 2021 tax return. Any ramifications regarding the timing of the deductibility of expenses that the PPP funds were used for in 2020?
 

#2
juro  
Posts:
918
Joined:
18-Oct-2015 9:11am
Location:
USA
what if the client laid off several employees a month after receiving the second PPP loans?
can the loan be forgiven?
 


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