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Hello,
Situation:
Have an LLC taxed as an S-Corp, my wife and I both take a small salary. The rest of profits from S-Corp are in the form of dividends. I am purchasing equipment for $30K.
Question: If I make a personal promissory loan to my S-Corp to buy the equipment, is the interest that the S-Corp taxed the same as the dividends that the S-Corp pays me? (I am asking this question because I do not want to go through the hassle of a note if the business can afford to buy the equipment and there are no tax savings.)
Thank you for your help.

There is no dividends in this situation. You pay taxes on your profits whether you take money out of the business, or don't. You can move money into (contribution) and out (distribution) of the business freely. No need to do a "loan", as you are essentially loaning it to yourself. The interest income and interest expense will essentially cancel out.

Thank you, JimmyJames. I figured that was the case. I used to do loans like this years ago when we were just an llc, to escape the self employment taxes.

No worries, always good to check -- I would add depending on what type of equipment you are purchasing you may be able to fully deduct (essentially convert to a full expense) this year using section 179.