Is EIDL loan interest deductible

[Shauser]

I received an EIDL covid loan as a Sole Prop but have now incorporated my business. It is a 30 year loan. I've been paying it off "personally" Is that interest tax deductible on my personal return?

[JohnW152]

No.  It's not deductible on your personal return.

See What are the tax implications for small businesses and freelancers taking an Economic Injury Disaster Loan? in the TurboTax blog 2020 Stimulus: Does My Small Business Qualify for an Economic Injury Disaster Loan (EIDL)? for more information.

[Shauser]

1   Was hoping it was...but I get it. Thanks for your quick response and knowledge. Have a great day.