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The EIDL (Economic Injury Disaster Loan) Program

The EIDL was a cash loan given to businesses impacted by coronavirus (COVID-19). These loans were offered at good rates and were to be used for the operations of the business. Their receipt of the loan proceeds is simply a loan.  The receipt does not create taxable income.

Along with the EIDL Loans, the SBA also provide EIDL Advance Grants (Grants). The amount of the grant was $1,000 per employee, up to a maximum of $10,000. The grant does not have to be paid back and will be included in your 2020 taxable income.