Federal Tax

  • 1.  EIDL Loan

    Bronze Most Valuable Member
    Posted 11-15-2020 04:41 PM
    Hi All. I have a client that is a corporation and received EIDL loan proceeds. The owner/shareholder wishes to start a new business in the same industry. Can the EIDL loan proceeds from the original corporation be used to fund the startup of the new venture? Any help is appreciated. Thanks

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    Dominic Frandina
    CPA
    DOMINIC A FRANDINA CPA
    Floral Park NY
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