@Vizsla1
The Journal of Accountancy states:
CARES Act Section 1106(i) explicitly excludes the forgiveness of PPP loans from gross income.
Text of the CARES Act is found here.
The Paycheck Protection Program (PPP) was created by the CARES Act and has been a very complicated to follow in less than a year. This TurboTax Help is useful.
Under certain criteria, and if you use the funds as directed by the SBA, the loan may be completely or partially forgiven. .
Reported on an 1120S, it is reported as tax-exempt income and may require an adjustment on the M1.
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