I have an S-Corp business. We were given a PPP loan in 2020 and it was forgiven in 2020. How do I report that on the tax form 1120S? On my books, it is currently sitting in loans payable - I do not know how to handle the fact that it was forgiven on my books. It would be nice if Turbo Tax addressed that specifically. Can anyone lead me in the right direction. I have searched through IRS.gov site and the SBA site and cannot find anything that explains how to record this situation and report it on taxes. Thank you in advance for your help!
