(TurboTax Business Incorporated) Small Business - Where do I account for Covid Forgivable Loan [grant]

In the 2020 tax year, where do I account for Covid related forgivable loan (i.e. MB Gap Protection Program MGPP $6,000 loan forgivable on 31-Dec-20)? Schedule-125 Revenue?

612

Level 6

Sep 29, 2020 7:30:19 AM

Hi, thank you for using Intuit TurboTax Community

You should contact CRA for information on when and how to report Covid-19 assistance income on a T2 return. Contact CRA at 1-800-959-5525.

Hope this helps

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(TurboTax Business Incorporated) Small Business - Where do I account for Covid Forgivable Loan [grant]