The Paycheck Protection Program (PPP) was created by the CARES Act and has been a very complicated to follow in less than a year. This TurboTax Help is useful.
Under certain criteria, and if you use the funds as directed by the SBA, the loan may be completely or partially forgiven. .
Reported on an 1120S, it is reported as tax-exempt income and may require an adjustment on the M1.