I have this same question. When I followed the second link, PPP Tax Implications, I found this exerpt,
"Can I write off payroll, rent and utilities as business expenses if I used a PPP loan to pay for them?
Yes. While the IRS and Treasury Department originally said otherwise, the CRRSAA in December 2020 changed these provisions so business expenses paid for with PPP funds can be written off like everyday business expenses. The decision was effectively reversed because some businesses may have had higher taxable revenue in 2020 due to not being able to write off as many expenses."
And that excerpt seems to contradict your answer. . . which honestly would have made things work much more smoothly, the income in would have washed the expenses out.
So basically, we're back to the original question--as I brought my Quickbooks data to TurboTax, I need to know, "What is this [PPP Loan Forgiveness] for?" and the tax lines suggested do not leave any room for income that is tax-deductible. TurboTax-help! Thank you!
