Hello !
This response seems incorrect. The question was "how do we record FREE money received from the Government to pay for our SBA 7A loan under the cares Act?" Your answer covers a LOAN. We didn't get a loan, we already have a loan. The government is making 6 months of payments toward our loan. At this point, I'm not sure if this will be taxable income or not, but it seems to me that we need some sort of an income account and then take payments from there. Please advise ASAP.
Thanks
