Dan,
I came across this post in regards to basis and EIDL "Loans", not advances, and would like to get your insight into the IRS definition of debt basis as the IRS site states:
"A shareholder is only allowed debt basis to the extent he or she has personally lent money to the S corporation. A loan guarantee is not sufficient to allow the shareholder debt basis."
Fourth bullet point from the bottom of the IRS page address below.
https://www.irs.gov/businesses/small-businesses-self-employed/s-corporation-stock-and-debt-basis
