I own an S Corp, I am the only shareholder, and I have one employee. I received an SBA Emergency Injury Disaster Loan and I cannot seem to find any information about how this will affect my tax return.
This is not the $1,000 per employee grant that is forgiven (which I also received).
I received a rather large amount as a 30 year loan. But since I am an S-Corp, is this loan considered income and will I have to pay taxes on this money as it sits in my company?
I will use part of it, but I will probably not use all of it this year. If I do not, and it sits in my bank account and as a balance at the end of the year. Do I need to take out what is not used as profit or pay taxes on the unused amount of the loan?
