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AJ252
October 27, 2021
Question

PPP Loan

  • October 27, 2021
  • 1 reply
  • 0 views

If we got a PPP loan and it has been forgiven, will it be required to report PPP loan income on 2021 taxes?

    1 reply

    NancyDrew
    NancyDrew
    October 27, 2021

    No.  If your PPP loan was forgiven, then you don't report it as income on your tax return.  If you used the funds for qualifying expenses, they are deductible as they would be otherwise.  Here is a link to an article with more detailed information on this topic:  The Payroll Tax Credit and Other Stimulus Programs for COVID-19 .

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