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H
hollywood
Level 2
January 15, 2021
Question

Where to enter EIDL Grant? PPP Loan?

  • January 15, 2021
  • 2 replies
  • 18 views

I am trying to find a place to enter the EIDL grant (the 1k/employee) in Lacerte for an S-Corp.

Where do you think this will be input.  

 

This topic has been closed for replies.

2 replies

Accountant-Man
Accountant-Man
Level 13
January 15, 2021

What do you mean by this, <<(the 1k/employee>>?

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H
hollywoodAuthor
Level 2
January 15, 2021

The 1k Grant per employee up to 10k grant, not the PPP loan.

T
TaxGuyBill
Level 15
January 15, 2021

It is nontaxable, just like the forgiven PPP.

So it is not an item of income for tax purposes.  It would be income for book income (Balance Sheet) with a M-1 Adjustment.

    T
    TaxGuyBill
    Level 15
    January 20, 2021

    I want to post a potential correction to my prior answer.

    If I understand things correctly, it should be entered as tax-exempt income on the tax return.  That is because it DOES affect your Basis.

    Can anybody confirm that for me?

      sjrcpa
      sjrcpa
      Level 15
      January 21, 2021

      Confirmed (again  😀)

      The more I know the more I don’t know.
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