SBA loan payments under cares act 1112 should not be included in gross income according to the January 28 2021 SBA information notice that references section 278(c) of the COVID ACT 2020 enacted on December 27 2020 which also states no deduction should be denied by reason of the exclusion from gross income, i.e. interest expense so how do I record this payment in quickbooks? Not other income credit like I did when we thought it would be taxable income.
