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Business & farm
For Schedule C filers the PPP loan is not reported separately.
The receipt and forgiveness of the PPP loan is just a bookkeeping entry since the funds themselves are not taxable.
The expenses you paid for with the funds are deductible on each of your Schedule C forms and are categorized as the type of expenses they are, for example, wages, payroll taxes, rent, etc.
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‎February 14, 2022
5:51 PM