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Q: “Are there certain expenses with respect to which EIDL funds cannot be used?”

Date

June 17, 2020

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less than 1 minute

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Authored by Aria Eckersley

Yes:

  • Dividends and bonuses 
  • Disbursements to owners, unless for performance of services  
  • Repayment of stockholder/principal loans (with exceptions) 
  • Expansion of facilities or acquisition of fixed assets (e.g., patios, drive-through windows, etc.)
  • Repair or replacement of physical damages 
  • Refinancing long-term debt
  • Paying down or paying off loans from another Federal agency (including SBA) or a Small Business Investment Company
  • Payment of any part of a direct Federal debt, (including SBA loans) except IRS obligations  
  • Relocation expenses

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