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HOPE2
HOPE2
Level 7
March 23, 2025
Question

SBA LOAN INTEREST

  • March 23, 2025
  • 2 replies
  • 14 views

Hi everyone.

client received an SBA loan during COVID while working as an Uber driver. Now, he files a Schedule C for a different field—home health care services under a single-member LLC. I would like to know if I can deduct the loan interest on his Schedule C or if I should apply Revenue Ruling 67-12 on Schedule 1.

Thanks for your help!

This topic has been closed for replies.

2 replies

HOPE2
HOPE2Author
Level 7
March 24, 2025

Any help please!

T
TaxGuyBill
Level 15
March 24, 2025

Was the SBA loan actually used for business expenses?  If so, I would put the interest on Schedule C.

If it was not used for business expenses, I don't think the interest goes anywhere.

Many of these SBA loans during Covid were just used to pay their personal expenses, in which case personal interest is not deductible.

HOPE2
HOPE2Author
Level 7
March 24, 2025

@TaxGuyBill Yes it has been for business, but now business in 2024 is different from business during the Covid era

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