AliciaP1
Expert Alumni

Business & farm

Both the PPP and EIDL are only payable to an eligible business.  You cannot report them as part of your personal return when you report your taxes as an S-Corp.  It's not a matter of being a benefit or a detriment, it's that you are required to report all your business transactions through your business tax return.  Also, while the EIDL funds can be used for anything within your business, you were required to attest that the PPP loan funds were used to cover payroll expenses during your reporting periods when you applied for forgiveness.  The process of reporting this on your business tax return confirms the treatment of the tax-free forgiveness (and therefore receipt of your PPP funds) to the IRS since the SBA filed the information with the IRS upon approving your forgiveness.

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