For the new 941 recent Payroll update 2.20.2, there does not appear to be a place for the employer to record they received a PPP loan and therefore are not eligible for the employee retention credit. Without having this functionality, the form is populating the retention credit. The only way in which to modify this would be to manually calculate and modify the form.

Is this the correct method to remove the retention credit, by manually modifying the form?

Or is there a place to enter that a PPP loan was received and therefore the retention credit is removed?

Thank you,

Wendy Gorski