EIDL loan does it go on 1120s?

[SCORP2]

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?

[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.

[SCORP2]

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