I would like to record this but not under regular rental income. Can someone help with a category or create one for this special circumstance?
@balzafinancials So, this is a bit tricky, in part because SBA and Treasury guidance about how to approach and document the usage of stimulus funds is still a bit squishy.
We strongly recommend consulting with a qualified CPA to make sure your documentation and usage of these funds conforms with IRS guidance for your unique situation, ownership structure, etc.
That said, it’s technically a loan, and therefore the existing Mortgages & Loans categories are perfectly good buckets in which to track receipt of these funds. Specifically, “Money In” to “Mortgages & Loans > Other Principal” is probably the best fit for recording the initial receipt of funds. If you later satisfy all the requirements and the loan is ultimately forgiven, then you can make adjustments as necessary to zero out the liability.
What about the grant advance (the portion not requiring a pay-back)?