Based on the latest legislation from Congress, information about your Payment Protection Program loan does not need to be reported on your 2020 tax return. If the 1099-C is for debt made under the PPP, contact the issuer for a corrected form.
To prevent confusion, the IRS notified lenders on Tuesday that they should not file cancellation-of-debt information returns or furnish payee statements under Sec. 6050P to report the amount of qualifying forgiveness with respect to covered loans made under the Paycheck Protection Program (PPP) (Announcement 2020-12). @AdamGaribaldi
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