Business & farm

I disagree with your entire statement.  The law passed on 12/29/2020 made the entire PPP loan forgiven NON TAXABLE and the deductions paid with the PPP loan deductible.  It also made the Employee Retention Credits available to those receiving the PPP loan as long as the wages used for the ERC were not the same wages used for the PPP loan satisfaction.  The PPP loan will go in box 10 or box 11 on the K-1 for either the 1065 or the 1120/1120S.  Employers now have the opportunity to go back to their 941 tax returns and claim the ERC if they have any.  You need to update your education.