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People also ask
Can I use an SBA loan to buy something for my business?
For example, Small Business Administration (SBA) loans can be used only to operate your business. You can’t use them to pay off other debts, buy something in hopes of an increase in value, or for any purpose that is not considered to be a sound business purpose as determined by SBA..
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.
How long do you have to use an SBA loan?
These SBA loans must be used over an 8-week period, at which time businesses will need to apply through their lender for forgiveness. Wages, commissions, and salaries: Use the funds to keep your employees on staff instead of cutting their hours, furloughing them, or laying them off.
Can I use a small business loan to start a business?
Business loans are also likely to come with restrictions. For example, Small Business Administration (SBA) loans can be used only to operate your business.