My business is set up as 2 member partnership LLC. We file a 1065 each year. We received a PPP loan and it was forgiven last year.
Is there any other place besides line Schedule M-1, line 6 of the 1065 that I need to input the ppp loan amount? This is what I have for schedule M-1 that I inputted and everything else is left blank:
Line 1- Total Net Income(including the PPP loan and PPP interest)
Line 6- a: Tax-exempt interest: With the amount of interest that was accrued
b: I wrote: "Paycheck Protection Program Loan" with the amount of the loan
Line 9- equals what I have on my balance sheet as net ordinary income
Did I do this correctly?
This is what I have for schedule M-2 that I inputted and everything else is left blank:
Line 1: Ending Balance from last year
Line 3: Net income(loss): Net income including the PPP loan and PPP interest
Line 6: Cash amount that was distributed to the partners
Line 9: Balance at end of the year: the amount that is calculated matches with what I have on my balance sheet as "total equity"
Is this correct too?
Thank you for any assistance you can provide!