Yes, if you have an EIN for your business, you need to include the EIN on the Schedule C and not the SSN.
Yes, the language should be added.
@iagt, @HelenC12 @LenaH @JeffreyR77
A PPP loan forgiveness statement is required under RP 2021-48 per pg 23 of the instructions to the Form 1040.
Forgiveness of Paycheck Protection Program (PPP) Loans
The forgiveness of a PPP Loan creates tax-exempt income, so although you don't need to report the income from the forgiveness of your PPP Loan on Form 1040 or 1040-SR, you do need to report certain information related to your PPP Loan.
Rev. Proc. 2021-48, 2021-49 I.R.B. 835, permits taxpayers to treat tax-exempt income resulting from the forgiveness of a PPP Loan as received or accrued: (1) as, and to the extent that, eligible expenses are paid or incurred; (2) when you apply for forgiveness of the PPP Loan; or (3) when forgiveness of the PPP Loan is granted. If you have tax-exempt income resulting from the forgiveness of a PPP Loan, attach a statement to your return reporting each taxable year for which you are applying Rev. Proc. 2021-48, and which section of Rev. Proc. 2021-48 you are applying—either section 3.01(1), (2), or (3).
Any statement should include the following information for each PPP Loan:
- Your name, address, and ITIN or SSN;
- A statement that you are applying or applied section 3.01(1), (2), or (3) of Rev. Proc. 2021-48, and for what taxable year (2020 or 2021) as applicable;
- The amount of tax-exempt income from forgiveness of the PPP Loan that you are treating as received or accrued and for what taxable year (2020 or 2021); and
- Whether forgiveness of the PPP Loan has been granted as of the date you file your return.
Write “RP2021-48” at the top of your attached statement.
