Does the EIDL Loan create debt basis for the Shareholders of an S-Corporation?

[mattgutz]

I am completing Form 7203 and trying to determine if the loans provided by the Small Business Association create debt basis.  Any help would be greatly appreciated!

[PhoebeRoberts]

Loan guarantees don't create basis for an S-corp shareholder.

[mattgutz]

Thank you for your quick response PhoebeRoberts!  Does this answer still apply if the EIDL loan is in the company's name?

[IRonMaN]

My name isn't Phoebe, but you still aren't getting any basis.

[abctax55]

Yes.

Loans incurred by the Corp don't impact shareholder basis (even if guaranteed by the shareholder, as Phoebe pointed out).