Peter312
Returning Member

Business & farm

Whether it's a tax free completely forgiven PPP loan or a tax free EIDL grant, at the Federal level it has to be entered into TurboTax to get the Balance Sheet to be correct.  As a non-taxable event it doesn't affect the income side of things but it does affect the Balance Sheet.  That's why an entry on Schedule K, line 16 b) is needed.