The Consolidated Appropriations Act
provides that taxable income does not include EIDL grants or certain loan repayment assistance.
Report the income on line 16(a) as Other Tax-Exempt Income if you are filing a form 1120-S. The entry may require a reconciliation issue if you report your balance sheet on your tax return. This will be handled by the entries in Schedule M-1 and M-2 in TurboTax and on your corporate income tax return.
@Abe7
[Edited 04/06/2021 2:07 PM PST]
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