I received the SBA EIDL Loan and would like to record it in Management so that I can show making payments. What is the best method to do this?
Treat this like any other loan. First create a liability account that you will post it to. That can be an ordinary account or a custom control account made up of special accounts. If you go the special account route, create a special account for the loan. Read about all those things in the Guides.
Next, record a receipt, posting it to the liability account you have created. When making payments, post them to the same account. Add line items to the payment form to separate principal from interest, posting the interest portion to an interest expense account.