At least until other guidance is given by SBA/IRS, count on the six payments made as taxable income. Here's quick article from FinancialAdvisors.com that explains a bit about how the SBA treats other loans and, by extension, these payments. There is a quick summary all the way at the bottom.
This is how I entered this into QB:
- Created a bank account in QB called “SBA Loan Payments”
- Created an income account called “Grants”
- For each month I deposited the amount SBA paid on my behalf into the “SBA Loan Payment” account then used this to record a “payment” on the loan with the interest/principle amounts shown on my statement.
There’s probably a slicker way to do this, but it gets it on the books as income and doesn’t affect my other accounts!
