In TurboTax Business the step-by-step method of working through the return eventually comes to the question asking if the business .... Had corporate debt cancelled, forgiven or terms modified to reduce the principal amount in 2021 (other than forgiven PPP loans)?
Everything that I have seen that discusses PPP Loan Forgiveness states that Line 12 of Schedule B Form 1120 - S needs to be checked "Yes" and the amount "forgiven" inserted in the line provided on Line 12. So that would require me to answer "Yes" to the above question, but that was the only debt that I had "forgiven" and TurboTax is inferring that I should answer "No" to the above question.
Is this a typo by TurboTax in the step-by-step questioning or am I missing something?
Any help would be appreciated. Thank you!