They are wrong - DONT DO THAT -
Create a "Other Income" account name SBA Cares Act. Then reduce your SBA loan by the amount each month by using the SBA Cares Act code. This will create an area to keep track away from EIDL, PPP and CARES payroll money. Once the Government has decided what is going to be considered taxable and not taxable you will be able to fill out your tax papers properly.
