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Adam122021
Returning Member

PPP Loan Forgiveness and 1065

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! 

2 Replies
tagteam
Level 15

PPP Loan Forgiveness and 1065

Adam122021
Returning Member

PPP Loan Forgiveness and 1065

I already read through that thread but wasn’t able to find my answer. Would you be able to answer my questions? 

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