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sepaz
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Is interest from a Disaster COVID-19 Economic Injury Loan tax deductible?

For someone who is self-employed and filing a schedule C, is the interest from a Disaster COVID-19 Economic Injury Loan treated like any other business loan and therefore tax deductible?

 

This loan originated in July 2020.

 

Thank you for your reply.

 

 

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2 Replies

Is interest from a Disaster COVID-19 Economic Injury Loan tax deductible?

Any loan of any kind  on which you have to pay interest   is a deductible expense.  

sepaz
New Member

Is interest from a Disaster COVID-19 Economic Injury Loan tax deductible?

Got it, thanks.

 

 

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