can i pay my mortgage with sba loan

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People also ask

  • Why can鈥檛 I use my SBA loan to pay off debt?

  • Money used to pay your personal debts should be claimed as income and therefore income taxes paid thereon. However, if you use your SBA funds to pay your personal debts, you receive income tax free. The other reason for the restriction surrounds the primary goal of the SBA program to help small businesses and create jobs.

  • Can a small business get a loan from SBA?

  • Businesses can use these for real estate, working capital, or equipment. The SBA doesn鈥檛 lend this money directly to businesses. Instead, a bank or financial institution provides the loan, and the SBA backs (guarantees) a certain amount of it.

  • Can I refinance my SBA loan?

  • Refinancing Debt with the SBA. Refinancing of an existing SBA loan is generally not allowed but may be considered if the borrower has new financing needs that the existing lender has declined or the existing lender has refused to modify the terms of the existing SBA loan to accommodate the new loan.

  • How long do you have to pay back a SBA loan?

  • The SBA is automatically deferring repayments on all current disaster loans until 2022. If you took out a disaster loan in 2020, repayments start 24 months from the date you received the loan. If you received a disaster loan in 2021, you have 18 months of deferment before repayments are due.

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