Yes, depending on how you have decided to recognize the expenses associated with the loan. Per the IRS:
An S corporation should report certain information related to a PPP loan. The forgiveness of a PPP loan creates tax-exempt income, which in turn affects a shareholder's basis in the S corporation. Rev. Proc. 2021-48 permits S corporations 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 the S corporation applies for forgiveness of the PPP loan; or (3) when forgiveness of the PPP loan is granted. See Schedule B, Question 12; Schedules K and K-1, lines 10 and 16(b); and Schedules M-1, M-2, and M-3, later, for PPP reporting instructions.
Please see Instructions for Form 1120-S for more specific instructions for the different schedules.
@Tina1315
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