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May 6, 2020
Question

How do you report your SBA funds received?

  • May 6, 2020
  • 1 reply
  • 3 views
No text available

1 reply

Rustler
Level 15
May 6, 2020

depends on what the funds were sourced as

 

if a grant, then deposit and use an income account you create under Other Income named SBA tax free income

 

if they might have to be repaid, use a liability account you create named SBA loan as the source account for the deposit