Question

target EIDL Grant

Is the target EIDL grant taxable?

Do you have to report the amount you received on your taxes anywhere?

Thannks

No. Nothing specific needs to be done regarding your EIDL Grant. It is not taxable income.

If you report your business income on a Schedule C, there is no need to report it at all.

If you report your income from a Schedule K-1, it will already be reported as part of your Schedule K-1 as non-taxable income.

Hi Amigas002,

The Consolidated Appropriations Act (CAA) provides that taxable income does not include EIDL grants.

Economic injury disaster loans are not taxable for Federal and the expenses paid with this advance are deductible.

Hope this helps,

Ron G

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Thank you for providing those links, ronaldg11!

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