Llc Specific Loan Forgiveness Program
Description
How to fill out Resolution Of Meeting Of LLC Members To Make Specific Loan?
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FAQ
Forgiven PPP loans are considered "Other Tax Exempt Income" for federal purposes and will be reported on Schedule K-1 box 16B (S-corporations) or 18B (partnerships).
Once you are granted forgiveness, move the amount that was forgiven from the PPP Loan Liability account to the Other Income ? PPP Loan Funds account by debiting Page 2 2 Accounting for PPP Loans and Maximizing Forgiveness (continued) the liability account and crediting the Other Income account.
Navigate"?New" Click "Journal entry" Record the date the loan was forgiven. Record the Journal Number.
The increase to income is usually shown as a line-item such as ?debt forgiveness? at the bottom of the profit and loss statement, below operating income. For example, if $5,000 in debt is forgiven, the entry would be to debt (decrease) debts payable for $5,000 and credit (increase) debt-forgiveness income for $5,000.
How to Record PPP Loan Forgiveness Go to the Lists menu. Choose Chart of Accounts. Select New from the Account drop-down menu. Choose Other income from the Other Account Types drop-down menu. Click Continue, then enter the account name and other necessary information. Hit Save & Close.
