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Level 1
posted Apr 13, 2024 6:58:23 AM

EIDL Repayment

I received an EIDL loan. I understand that the interest is deductible as a business expense.

Is the repayment of the loan principle considered aa a repayment of government unemployment benefits?

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1 Replies
Expert Alumni
Apr 19, 2024 5:45:08 AM

No, it's considered a repayment of a business loan, not unemployment benefits. 

 

Repayment of unemployment benefits occurs when you have to repay your state unemployment agency for unemployment compensation that you shouldn't have received.