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Depends. Doesn’t really matter. Just a tax vs book differenc by gregmorrissey

Some people booked it to a PPP Forgiveness account in the Owner’s Equity section of the balance sheet.

Debit Ppp liability
Credit ppp forgiveness equity


Others booked it to an extraordinary income account which was then subsequently excluded from taxable income. Still others just booked it to a regular revenue account and subsequently excluded it from taxable income on their tax returns.

It’s not unusual to have book vs tax differences. GAAP depreciation vs Tax depreciation is generally always different.