JotikaT2
Employee Tax Expert

Get your taxes done using TurboTax

The original terms of the EIDL states that loan proceeds are not considered taxable income.  Any loan proceeds used to pay off expenses can still be deducted on your tax return. Please see this link for more details on this loan and the terms as well as this link which breaks down how the loans work as far as taxes.

 

You have some options available if you are having issues making payments on your loan.  Please see manage your EIDL for more details.

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