SBAD TREAS 310 MISC PAY (2024)

FAQs

What is the Sbad 310 MISC payment? ›

The SBAD TREAS 310 Misc payment is the “advance” to the EIDL and it's a grant or subvention. The EIDL will be the total loan that you will have to pay in a 30 years period and it will be deposited within 2 to 3 weeks upon receiving the “grant”.

'IRS Treas 310' is a code that identifies a direct deposit from the U.S. Department of the Treasury, typically signifying a tax refund from your recently filed U.S. tax return.

Your balance sheet should balance without including that loan in the asset section. The loan is not taxable and is not reported as income on form 1065. In fact, the account entry when you received the loan is Debit Cash at bank and Credit Loans.

Following a declared catastrophe, the SBA directly funds an SBAD loan. The Small Business Administration (SBA) makes low-interest, long-term loans to companies, nonprofit organizations, homeowners, and renters. SBA disaster aid is the only SBA initiative that offers borrowers direct loans.

Sometimes, due to changes in your income or tax laws, you may have overpaid your taxes on these benefits. In such cases, the IRS will issue a refund for the excess tax withheld, which will be noted as IRS Treas 310 on your bank statement.

According to CNET, 310 is a code that identifies the transaction as a refund from a filed tax return in the form of a direct deposit. You may see this transaction on your bank statement as a result of a filed tax return this year.

A refund from a filed tax return, including an amended tax return or an IRS tax adjustment to your tax account – this will show as being from the IRS (“IRS TREAS 310”) and carry the code “TAX REF.”

SBA loans themselves are not taxable as income. This means that your loan amount typically has no impact on your taxes. One exception exists: If your loan is forgiven, the forgiven amount is added to your business income and taxed accordingly.

Understanding EIDL Loan Forgiveness

Unfortunately, there is no current program for complete EIDL loan forgiveness. However, the SBA may consider partial forgiveness or loan modification in extenuating circumstances. This typically applies to borrowers who can demonstrate financial hardship.

Once your lender files a claim, the SBA will send you a demand letter. Demand letters typically specify that you must pay what you owe on your loan within 60 days. If you still haven't paid within these 60 days, the SBA will turn over your account to the US Department of the Treasury.

What are the two types of SBA loans? ›

Treasury, on behalf of the SBA, is authorized to issue a wage garnishment order to collect the debt. Under federal law, a court order does not need to be obtained. The employer will be required to send the amounts deducted to Treasury for payment to the SBA. The AWG process is governed by federal law.

Create an account in the MySBA Loan Portal (lending.sba.gov) to monitor your loan status or to make payments. You are responsible for your COVID-19 EIDL monthly payment obligation beginning 30 months from the disbursement date shown on the top of the front page of your Original Note.

A refund from a filed tax return, including an amended tax return or an IRS tax adjustment to your tax account – this will show as being from the IRS (“IRS TREAS 310”) and carry the code “TAX REF.”

Complete loan closing documents

Once the SBA receives the signed documents, you will get an initial disbursement within five days. For physical damage, you'll receive $25,000. For economic injury or working capital, you'll get $25,000, in addition to the money you received for physical damage.

Get $500 to $5.5 million to fund your business

Loans guaranteed by SBA range from small to large and can be used for most business purposes, including long-term fixed assets and operating capital.