PPP question filing taxes

nu-athena · ‎March 8, 2022

I was self employed with a 1099, so no business EIN, it was under my own ssn. I got a ppp loan for around $8,000. I paid myself it all in installments. The loan is forgiven.

Do I need to report this on my tax return? What do I need to do in dummy steps if so. Is this income for me?

Cynthiad66 · ‎March 9, 2022

If the PPP loan is forgiven, you do not report the loan as income. The forgiveness is not considered a Cancellation of debt so it is not reported on the return.

Just hold onto your forgiveness letter and any other supporting information for your bookkeeping.

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