If loan has not been forgiven, then show as liability. If it has, then report as 'other income' on bottom of P&L and name the account non-taxable. Recently Congress decided EIDL also is not taxable. BUT, check with your state. Both loans may be taxable on the state return. On the federal tax return you can reconcile on schedule M-1 - Other permanent income items. and know that forever now your outside basis will be different.
