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chantellemoline
Level 2
Apr 7, 2024 3:17 AM UTC
Question

SBA EIDL loan repayment

Hi everyone!!

 

I took out a EIDL loan for my business during COVID and I make monthly

payments to pay it back. 
Does anyone know what Expense category the payments would be under for a Schedule C?

 

Thanks for any help!!

1 reply

MinhT1
Alumni - Intuit
Apr 7, 2024 12:42 PM UTC

Your loan repayments consist of principal and interest.

 

Interest is deductible under Interest. Principal repayments aren't deductible.

 

You should refer to your loan's monthly statements to calculate the interest portion of your repayments.

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