What if my Paycheck Protection Program (PPP) loan was forgiven?

The forgiveness of a PPP loan creates tax-exempt income. So you don't need to report the income from the forgiveness of your PPP loan on your return, but you do need to report certain information related to your PPP loan.

If you have tax-exempt forgiveness of a PPP loan, you'll need to attach a statement to your tax return with:

1. Your name, address, and ITIN or SSN
2. A statement that you are applying or applied section 3.01(1), (2), or (3) of Rev. Proc. 2021-48, and for what taxable year
3. The amount of tax-exempt income from forgiveness of the PPP loan that you're treating as received or accrued and for what taxable year
4. Whether forgiveness of the PPP loan has been granted as of the date of your return.

Write "RP2021-48" at the top of your attached statement. You'll also need to print and mail your tax return so you can include the attachment with your return.