If you received PPP loan, you can apply for Loan Forgiveness. To qualify for the 1st and 2nd draw of loan forgiveness, at least 60% of the PPP loans were spent towards payroll costs.
Generally, forgiven loan is ordinary income, but Congress exempt forgiven PPP from federal taxation. If your loans were forgiven, then no income to report. You may refer to your state revenue how are they treating forgiven loans; if forgiven loans are taxable income or if expenses not allowed using PPP loans.
SBA offers Paycheck Protection Program loans to businesses with 20 or less employees and sole proprietors only from Wednesday, February 24 through Wednesday, March 10, 2021.
See, sba.gov,, link for more information.
