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Business loan for an S corp
How does a S corporation business loan affect my personal income taxes? My S Corp received a COVID-19 SBA loan of $500,000, which is recorded as a long-term liability on the balance sheet. We have been paying only the interest at this time, which we show as interest expense. But I was told that the loan would increase my personal income tax.
Thanks in advance for your response and assistance.
‎September 11, 2025
12:06 PM