How Will PPP Loans & EIDL Advances Affect My 2020 Taxes?

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Another loan you may have taken advantage of during the COVID-19 pandemic is the Economic Injury Disaster Loan, or EIDL. If you received the EIDL loan, taxes on these funds work like any other loan tax. Loans that are less than $2 million are subject to an audit, and it has been reported that much lower loans have actually been scrutinized. Can I utilize my PPP loan to pay organization taxes? The IRS might also investigate all other loans, so it is best to be prepared, even if you received a much smaller sized loan.

Another loan you may have taken advantage of throughout the COVID-19 pandemic is the Economic Injury Disaster Loan, or EIDL. If you got the EIDL loan, taxes on these funds work like any other loan taxation. The IRS may likewise examine all other loans, so it is best to be prepared, even if you got a much smaller loan.

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