ronaldg11
Expert Alumni

Self employed

Hi Amigas002,

 

The Consolidated Appropriations Act (CAA) provides that taxable income does not include EIDL grants.

https://www.jpspa.com/consolidated-appropriations-act-effect-ppp-eidl/

 

Economic injury disaster loans are not taxable for Federal and the expenses paid with this advance are deductible.

https://gpwcpas.com/grant-credit-loan-and-other-relief-comparison-chart/

 

https://ttlc.intuit.com/community/taxes/discussion/is-the-eidl-advance-grant-considered-taxable-inco...

 

Hope this helps,

 

Ron G

 

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