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Business & farm
The PPP loan was forgiven in 2020 so I did a JE in QuickBooks dated 12/31/2020. Therefore the loan amount does not show up on my 2020 balance sheet and the money shows up as revenue in my checking account.
On my 2020 1120-S I entered the PPP loan amount on line 16b which reduces the amount on revenue but puts my balance sheet out of line. I hope this makes sense.
‎February 23, 2022
9:30 AM