Do I need to claim the EIDL grant/advance as taxable income? Where do I enter that information?
I applied for and received a $1,000 advance for the EIDL loan. I understand the Consolidated Appropriations Act declared this is not taxable income, but I'm not sure if I should still be entering it on my taxes. Thank you.
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2 Replies
MinhT1
Expert Alumni
Jan 26, 2021 8:02:02 AM
The EIDL loan is not considered as income and is not taxable. You do not need to enter it on your tax return.