S Corp received roughly $35,000 in PPP loans in 2020, and no repayments have been made (deferred for 2 years). The business has not yet applied for forgiveness, but anticipates 100% forgiveness. In addition, Congress passed into law the ability to fully deduct expenses paid by forgiven PPP loans, but not sure if that is relevant in this case.
How/Where should this PPP loan be reported on Form 1120-S / Balance Sheet?
