Hi Kristina,
Thank you for responding.
Just to clarify this is not PPP it was EIDL so Loan is still due. However, I had S corp so legally it was taken under EIN as company not as contactor/self employed. Loan was under $25K so no need collateral or sign as personal guarantee .. The State has been notified since it was dissolved and IRS was informed with F966 there is NO Assets. My K1 showing a NOL that I don't think is right because it comes from the Loan money not from revenue, this is why I'm so confused in how to properly (tax) report it. . Unfortunately, many of my customers went out of business before me but I was able to survive due the Loan and with the hope to revive it. It seem there other business owners with similar situation like me and no clear answers.
Ps...No distribution only pay myself payroll and Loan used to also pay business expenses.
