CEBA Loan Repayment: Deductibility Under Subsection 20(1)(hh) and GIFI Code for T2 Reporting

[Nezzer]

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CEBA not forgiven

We included the $20k in T2 in 2020 (GIFI 8242) It appears that the owners will not be able to repay the $40k therefore owe $60k plus interest. If we confirm that no portion will be forgiven, can we reduce income by the amount included in 2020 or do we have to wait until repayment. I am seeing a lot of articles stating that we can only reduce income by the amount repaid in the taxation year in which reimbursement was made.

CEBA ($20,000.00 Forgiven amount)

An incorporated business received the CEBA loan in 2020 - $60,000.00 On the 2020 T2 the forgivable amount was inputted in S1: Box 605: CEBA Loan Forgiveness - ITA 12(1)(x) Box 295: $20,000.00 In 2021 the business repaid $40,000.00 of the loan and the remaining $20,000.00 was forgiven. What is the treatment for the $20,000.00 that still remains on the balance sheet?