How to record what you paid yourself from your EIDL Loan | Is it taxable income?

Описание: If you paid yourself with EIDL funds how should it be recorded and is it taxable?
If you have to use EIDL Loan funds to pay yourself as a business owner look at your 2019 Schedule C line 31 and use it as a guide to how much you would pay yourself a reasonable salary. To account for the EIDL loan we go through how to track it for tax purposes.

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*Disclaimer this information should be used for educational purposes. You should always consult your own CPA and financial advisors for what works best in your specific situation.