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Level 1
March 14, 2021
Question

Does an EIDL count as income?

  • March 14, 2021
  • 1 reply
  • 5 views
I understand the EIDG advance is not taxable but what about the EIDL loan?

1 reply

MaryK4
Level 15
March 14, 2021

The EIDL loan is not income because you are obligated to pay it back.  NOTE: You may also be able to deduct any interest incurred as a business expense.

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Level 2
March 1, 2022

Then how would you book it in quickbooks online, (the eidl loan)? We used it for debts and payroll. Our one managing member in the llc works everyday and was paid from the eidl as a salary for work performed as covid affected our income. Is it just putting it on the books so they may be paid as their pass through for their salary? 

Level 2
March 1, 2022

Hoping @MaryK4 knows 🙂