SBA EIDL Ineligible Uses of Loan Proceeds
E. Ineligible Uses of Loan Proceeds:
EIDL proceeds may not be used for:
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Payment of any dividends or bonuses;
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Disbursements to owners, partners, officers, directors, or stockholders, except when directly related to performance of services for the benefit of the applicant;
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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;
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Expansion of facilities or acquisition of fixed assets;
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Repair or replacement of physical damages;
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Refinancing long term debt;
Resource link: https://www.sba.gov/sites/default/files/2018-06/SOP 50 30 9-FINAL.PDF
Research based learning
"Providing resource supported answers."
I was not told why my SBA EIDL was declined. Does the SBA send a reason code or declined reason by letter?
Reconsideration of Declined Loan Applications SBA Economic Injury Disaster Loan (EIDL)
8.2 LOAN DECREASE AND CANCELLATION
123.303 How can my business spend my economic injury disaster loan?
SBA EIDL Ineligible Uses of Loan Proceeds
Borrower may not use an oral statement of SBA to contradict or alter the written terms of this Note.
SBA EIDL and PPP Bookkeeping and Record keeping requirements.
Reconsideration of Declined EIDL add Personal Financial Statement Disaster Programs SBA Form 413D (03-18) to your document list.
May I request an increase in the amount of an economic injury loan?
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