When debt is forgiven, as much of the funding lent through the CARES Act's PPP may be, a lender may be required to file IRS Form 1099-C with the IRS and to furnish a copy to the borrower. As a lender, do I need to file the 1099-C when I forgive a PPP loan, or when we finalize a restructuring or settle a case alleging a violation of state or Federal lending law?
McGlinchey's Charles Adams (Houston) and Douglas Charnas (Washington, DC) discuss these and more questions about the rules that come into play with cancellation of debt and whether Form 1099-C must be issued.
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