No. There needs to be an adjustment shown on your M-1 recognizing the PPP loan forgiveness.
If the PPP Loan has been forgiven. The adjustment will be shown on your M-1 as a book-tax adjustment. This adjustment would go on Line 5 of the M-1.
If the PPP loan has not yet been forgiven, you would not enter this adjustment, but add a liability item for the amount of the PPP loan. It would go on Page 4, Schedule L under Liabilities, Line 17.
