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Level 1

EDIL Income

Our company (S Corp) received an EDIL due to COVID-19. Is that reported as income? If not, is it reported at all and if so, how?

2 Replies
Level 1

EDIL Income

No, EDIL  is not  taxed as income and you don't have to include it in your tax return. 

Level 13

EDIL Income

The loan itself is not entered on the tax return.  If the loan was forgiven, that is entered as tax-exempt income.

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