All loans received by a committee must be itemized and continuously reported until the loan is repaid. When a committee is paying off a loan, principal payments and interested are reported separately.
Reporting on candidate forms
House and Senate committees report loan principal payments on Form 3, Schedule B for Line 19(a) or 19(b), as well as on Schedule C for Line 13(a) or 13(b). Interest payments are reported on Schedule B for Line 17.
Payments to reduce loan principal must be itemized, regardless of amount, on a Schedule B for the appropriate category of loan repayment. Line 19(a) itemizes repayments for loans made or guaranteed by the candidate. Line 19(b) itemizes repayments for all other loans.
In addition, payments to reduce principal must be reported on Schedule C for Line 13(a) each reporting period until the loan is repaid.
Interest paid on a loan is reported as an operating expenditure on Line 17. Interest payments will be itemized on Schedule B for Line 17 once payments to the payee aggregate over $200 in an election cycle.
If the committee is not paying interest as it is incurred, outstanding interest will be reported as a debt on Schedule D until it is repaid (see debt reporting examples).
Reporting with FECFile
To report loan principal payments, go to the Loan/Debts tab, right click on the loan being repaid, click “Loan/Debt payments…”, and click “Add New…” This will add the loan payment as a disbursement on Schedule B and will reduce the amount owed on Schedule C.
To report interest payments, go to the Summary Page, right click on “Line 17 Operating expenditures,” and select “add new.”