QB Issue Resolution:
Almost all loans in the US, that are forgiven, are income to you. Assuming you have the loan in a liability account, do a journal entry
Check with a tax accountant, there are some mortgage’s that are included in the above, and he would know for sure
Resolution for Issue 'My business has an outstanding loan that was recently forgiven by the lender. How do I record this correctly?' available: Yes (Solved).
Source: Intuit Community forum.
My business has an outstanding loan that was recently forgiven by the lender. How do I record this correctly?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for forgiven outstanding loan
Quickbooks Repair Pro will resolve it efficiently and affordably. Guaranteed resolution of your issue, or you pay nothing!
Error Recovery for forgiven outstanding loan [Canada]
E-Tech is the #1 Quickbooks data migration and Conversion service provider.
Additional Support Options: