Social isolation during the COVID-19 pandemic raised concerns about its psychological impacts. The present study therefore investigated two negative states, loneliness and depression, and their temporal relationship, in two samples of emerging adults attending college. The first (N=323) was assessed prior to a stay-at-home order and 4 weeks after the order. To ensure that any findings reflected circumstances occasioned by the stay-at-home order a second pre COVID-19 sample (N=290) was also studied. Results were similar across both samples. No change was found in overall level of depressive symptoms and because the change in loneliness occurred in both samples it could not be attributed to circumstances resulting from the pandemic. Findings in both samples supported a relationship in which loneliness predicted later depressive symptoms and vice versa. The reasons why depressive symptoms might lead to loneliness are discussed.