EIDL Loan Credit Card Debt - Can you use the EIDL Loan to pay off credit card debt?

You may be asking yourself “Can I use my EIDL Loan to pay off my credit card debt?”

The answer isn’t as simple as yes and no, it usually is never that simple. The SBA has guidelines around this loan for a reason and borrowers are expected to follow the rules. Part of that is whether or not they can use their CC to buy equipment and then pay off the CC with the EIDL. Or paying off old credit card debt with the EIDL. These things are simply not allowed.

Check out my channel for other videos and updates regarding the PPP Loan and EIDL Loan programs, among other things related to the current economic crisis like the SBA, the IRS, tax changes, and economic updates.

Get an EIDL status update by calling the SBA:
1-800-659-2955. Ask for a Level 2 agent. Have your SBA Application number ready!

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This video is for entertainment purposes only. The information portrayed in this video should not be considered as tax or legal advice. Consult with your own tax professional and attorney to get proper advice for yourself.

https://youtu.be/yvcbMNYqP_A

Видео EIDL Loan Credit Card Debt - Can you use the EIDL Loan to pay off credit card debt? канала Nguyen CPAs