Published Sun Jun 27 2021 viewed 190 times.
SBA EIDL Ineligible Uses of Loan Proceeds
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E. Ineligible Uses of Loan Proceeds:
EIDL proceeds may not be used for:
Payment of any dividends or bonuses;
Disbursements to owners, partners, officers, directors, or stockholders, except when directly related to performance of services for the benefit of the applicant;
Repayment of stockholder/principal loans, except when the funds were injected on an interim basis as a result of the disaster and non-repayment would cause undue hardship to the stockholder/principal;
Expansion of facilities or acquisition of fixed assets;
Repair or replacement of physical damages;
Refinancing long term debt;
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