how to report forgiven PPP loan on 1120S

Hi, 

I hope some tax professionals can help!

After hours of investigation on how to report forgiven PPP loan and EIDL advance on 1120S, I am about to finalize 1120 S.   

In my case, I am single owner/employee S.Corp. I have $10,000 for forgiven PPP loan and EIDL.

First off, on my balance sheet, my retained earnings got increased by $10,000 and this retained earnings is the same as shareholder stock basis.

Move on 1120S. 

Schedule B line 12: Yes, $10,000

Schedule K line 16b other tax exempt income: $10,000

Schedule M1 line 5 a: enter "Forgiven PPP loan/EIDL advance"  $10,000

Schedule M2 Line 3 (d) OAA : $10,000

                         Line 8 (a) and (d)  is the same as retained earnings.

Schedule K1 : box 16 code B $10,000

 

Please advise me if I did wrong. Thank you very much!