If you think the PPP loan will be forgiven, then you won't report it as taxable income in TurboTax. You would report it on line 16(a) of Schedule K as Other Tax-Exempt Income. It would appear on your financial statement as either loan payable or other income, so there may be a reconciliation issue if you report your balance sheet on your tax return. This may be aided by the entries in Schedule M-1 and M-2 in TurboTax and on your corporate income tax return.
You would treat the EIDL the same if it is not to be paid back, otherwise you wouldn't report it except as a loan amount on your balance sheet.
You can deduct the expenses you used the payments for as you normally would. The expenses are deductible even though you may have received tax-free grants to pay for them.
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