The Consolidated Appropriations Act of 2021 provides that taxable income does not include EIDL grants or certain loan repayment assistance. See here.
Funds from an EIDL Advance are not reported as taxable business income. There may be a reconciliation issue if you report your balance sheet on your tax return. You may need to make reconciling entries on Schedule M-1 and M-2 in TurboTax and on your corporate income tax return.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
