EIDL loan does it go on 1120s?

Forum|Forum|3 years ago
February 17, 2023
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Does my outstanding EIDL loan go on 1120s, if so where do I enter the loan amount? NOT asking about the advanced free part, not asking about interest paid, just the whole loan amount. Does it go on the balance sheet?

TurboTax Business Windows

DaveF1006

"You would report it on line 16(a) of Schedule K as Other Tax-Exempt Income if you are filing a form 1120-S. It would appear on your financial statement as either loan payable or other income, so there may be a reconciliation issue if you report your balance sheet on your tax return". This is found at the following Turbo Tax source written by ThomasM125.

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SCORP2Author

Borrowed money is tax-exempt income? That doesn't make sense. I'm not talking about advanced grant or PPP I'm talking about a SBA EIDL 30 year loan at 3.75% interest.

DaveF1006

Yes, I apologize for my earlier answer. The EIDL is not taxable because it is a loan that needs to be paid back. I quote this from an article written by MinhT in the following Turbo Tax post.

@SCORP2

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