Article Date:
June 2020
Word Count:
574
Q&A: Is the EIDL Advance Taxable?
Question
I have an S corporation with eight employees. I applied for and got an Economic Injury Disaster Loan (EIDL) advance of $8,000 from the Small Business Administration (SBA). I didn’t get a Paycheck Protection Program (PPP) loan.
Is this taxable? Does this impact my tax deductions? ... Log in to view full article.
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