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M
mattgutz
Level 4
April 30, 2024
Question

Does the EIDL Loan create debt basis for the Shareholders of an S-Corporation?

  • April 30, 2024
  • 1 reply
  • 10 views

I am completing Form 7203 and trying to determine if the loans provided by the Small Business Association create debt basis.  Any help would be greatly appreciated!

    This topic has been closed for replies.

    1 reply

    PhoebeRoberts
    PhoebeRobertsIntuit Community Champion
    Intuit Community Champion
    April 30, 2024

    Loan guarantees don't create basis for an S-corp shareholder.

      M
      mattgutzAuthor
      Level 4
      April 30, 2024

      Thank you for your quick response PhoebeRoberts!  Does this answer still apply if the EIDL loan is in the company's name?

      IRonMaN
      IRonMaN
      Level 15
      April 30, 2024

      My name isn't Phoebe, but you still aren't getting any basis.

      Slava Ukraini!
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