A Shareholder loan is treated as a reimbursement to the shareholder (unless the loan agreement states there will be interest accrued) and does not count as value for distributions to be taken against, while paid-in capital is an increase in basis value to the shareholder. The will allow distributions taken against it, but only to the extent that the shareholder's reasonable compensation is calculated correctly. So, yes both can be non-taxable, but the loan repayment always is and the paid-in capital may not be depending on other distributions and income (or loss) from the business (which calculates into basis).
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