@mradsmith
Business loans are not considered to be what the 1099K is for. Most business loans are not considered business income. Business loans can offer substantial tax benefits though. The interest you pay on your loan is considered a business expense, and you can deduct it from your taxes. In order to take advantage of a tax deduction, the assets and expenditures financed must be necessary to operating the business. It seems like online sales are reported on the 1099K.
https://www.irs.gov/businesses/understanding-your-1099-k
But consult a tax advisor to confirm though.
Kudos & Solved are greatly appreciated. 🙂
