Eidl Loan Forgiveness For Sole Proprietor In California
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FAQ
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides for Economic Impact Payments to American households of up to $1,200 per adult for individuals whose income was less than $99,000 (or $198,000 for joint filers) and $500 per child under 17 years old.
California COVID-19 Rent Relief program is closed.
Payments will end December 2021. California is offering tax relief, filing extensions, and tax preparation assistance.
Note that funds received from EIDL aren't taxable income, and aren't subject to this 25% reduction test.
There is no provision for forgiveness on these loans, nor should anyone expect that there will be. The EIDL is a decades-old program, and if they forgive loans for this particular disaster, then borrowers for every other EIDL program are going to expect forgiveness on their loans as well. It's not happening.
Yes, applicants will receive tax information related to the grant proceeds, which will need to be reported on tax returns.
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
