Lenders Will Not File Form 1099-C For Forgiven PPP Loans
The Internal Revenue Service issued guidance on Tuesday telling lenders they should not file Form 1099-C, Cancellation of Debt, or furnish a payee statement to the borrower when a Paycheck Protection Program loan is forgiven.
If you should have any questions, please contact our office at (206)243-2336 or email us at office@hawthorne-cpa.com.
** This information is provided for general educational purposes only. Before taking any action based on this information, we strongly encourage you to consult with a professional accounting advisor about your specific situation.