Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
Andre_Mb
Returning Member

(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?

1 Reply

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

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