PPP loan included in income but forgiven

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#1
juro  
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is there a reason why our PPP loan would be included in income?, it was forgiven.

We reported the PPP loan on the balance sheet as a Long-Term Liabilities-PPP loan as of 31 Dec 2020,
but our CPA moved it to income.
 

#2
JR1  
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Maybe to show the bank? While it IS income, it's not taxable....
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Remembering our son, Ben Jan 22, 1992 to Aug 26, 2011.
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#3
juro  
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schedule M-1 deduction?
 

#4
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There were some firms taking the position that PPP was to be forgiven on the forgiveness date for GAAP, but on the disbursement date for Tax.
I thought it was wacky, but people were doing it.
~Captcook
 


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