Loans as Taxable Income
My firm received an EIDL loan from the SBA due to Covid. I’m wondering:
a.) Does that money get marked as part of gross profit and/or income on our books?
b.) Does the money we got from the loan count as taxable income?
c.) Does that tax responsibility get passed to my partner and I (we are taxed as a partnership federally and in the MD and DC localities).
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