Thank you from Nflink1 in NJ !!
But re: form 1120-s ..............
My concern is that my business P&L statement shows a net ordinary LOSS of -$46,000, largely because of Payroll Expenses ($60,000) which were funded by PPP. Yet PPP loan ($26,000 which will be forgiven) and EIDL "LOAN" ($30,000 which will be repaid) are listed in "non-taxable income". Does it look strange showing a LOSS when indeed those loans/grants would have covered the LOSS? My bottom line Net Income on P&L statement is $12,000. If all this is correct, then -$46,000 will show up on the K-1, right?
