Do I need to claim a business loan as income for my small business?

[neatsweetsbaking]

I applied for and received a loan for my small business this year. I have already entered the interest I have paid on my return, but do I have to enter the loan amount as income?

[Rick19744]

No.  The loan is not income and the principal payments to reduce the loan are not deductions.

Only the interest expense portion impacts your business Sch C (assuming this is what you file).

[neatsweetsbaking]

This is what I thought, but thank you for confirming!

[Rick19744]

You are welcome