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pdklecker
Level 1
April 29, 2021
Question

How do we enter a PPP loan which was not forgiven? The client ended up going out of business and had to pay the loan off.

  • April 29, 2021
  • 1 reply
  • 9 views
A client had to close their business before they received PPP loan funds. They paid the loan off when they sold the business. How do I enter an unforgiven PPP loan which is repaid?
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1 reply

sjrcpa
sjrcpa
Level 15
April 29, 2021

It's a liability until paid. Then repayment zeroes out the liability. There is no tax deduction to be had for repaying a loan (except for the interest part if any was paid).

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