Can I use my SBA loan for anything?

SBA loans and SBA express loans can be used for a wide range of expenses. According to the SBA, you can use these loans for “most” business purposes, including start-up, expansion, equipment purchases, working capital, inventory or real-estate purchases.

What can a SBA loan not be used for?

For example, funds guaranteed by the SBA can’t be used for investing or purchasing a building that will be leased to another business. They also can’t be used to reimburse a business owner for money previously invested in the business by the owner or to repay money owed to the government.

Can I use my SBA loan to pay off my house?

Moreover, when your property is substantially damaged and you need help to pay both your mortgage and your repair costs, SBA may be able to refinance your mortgage. In such cases, an SBA disaster loan can both pay off the pre-disaster mortgage and fund the disaster repairs.

Can I buy a car with SBA loan?

The SBA 7(a) loan can be used for nearly all of your car dealership’s needs, as long as the use is a legitimate business purpose: New construction of a car dealership building and lot.

Can I use my SBA loan to buy a car?

While most business loans can be used for anything your company might need, that’s not the case with the SBA 504 loan. That eliminates the purchase of vehicles, even if you intend to purchase fleet vehicles for your business.

Can I use Eidl to pay off debt?

With a recent change made by the SBA, EIDL funds can now be used to pay or prepay commercial debt. Essentially, you can pay down the entire outstanding balance of a commercial loan obtained through traditional lenders with your EIDL funds. You can also make payments on your federal business debt (e.g. other SBA loans).

Can you use SBA loan to pay taxes?

The U.S. Small Business Administration (SBA) provides disaster relief loans to businesses whose operations are impacted by federally declared natural disasters. New guidance from the SBA states that COVID-19 EIDL funds may be used to pay federal tax debt. But regular EIDL funds may not be used for taxes.