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;
Public Comments and Questions
FAQ 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?
Borrower may not use an oral statement of SBA to contradict or alter the written terms of this Note.
Reconsideration of Declined EIDL addÂ Personal Financial Statement Disaster Programs SBA Form 413D (03-18) to your document list.
- Mon. May. 17, 2021
- Tue. May. 11, 2021