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THE USE OF PROCEEDS FROM GULF COAST DISASTER - SBA - sba

THE USE OF PROCEEDS FROM GULF COAST DISASTER - SBA - sba 2025

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The document is an audit report by the Office of Inspector General regarding the use of proceeds from Gulf Coast disaster loans disbursed by the U.S. Small Business Administration (SBA) following hurricanes Katrina, Rita, and Wilma. It highlights significant deficiencies in the controls for ensuring that borrowers provided adequate documentation and certifications for subsequent loan disbursements. The audit found that 54% of sampled disbursements lacked proper documentation, leading to potential fraud risks. The report recommends stricter review processes and documentation requirements to ensure funds are used appropriately.

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Can I use SBA disaster loan for personal use?

SBA disaster assistance loans must be paid back. If you still have unmet needs, loans may help with home repair or replacement, personal property, vehicles, mitigation, business losses, and working capital for small business and most private nonprofits.

What can you use a FEMA SBA loan for?

Homeowners may borrow up to $200,000 from SBA to repair or replace their primary residence. Homeowners and renters may borrow up to $40,000 to repair or replace disaster-damaged personal property, including vehicles. Businesses and non-profits may also borrow working capital.

What can an SBA loan not be used for?

They should be in the loan packet the SBA gives you. Save receipts from any purchases you make with your loan for 3 years after your loan has been fully disbursed. You will need to show how you spent 80% of your loan.

Can an SBA disaster loan be used for anything?

You may have been referred to SBA after applying for FEMA disaster assistance. If you still have unmet needs, loans may help with home repair or replacement, personal property, vehicles, mitigation, business losses, and working capital for small business and most private nonprofits.

Can I spend my SBA loan on anything?

Borrowers are Prohibited from using 7(a) Loan Proceeds to: Injection of capital for the businesss continuance until the loan supported by the SBA is disbursed. Repay delinquent state or federal withholding taxes or other funds that should be held in trust or escrow. Pay for a non-sound business purpose.

What can SBA disaster loan not be used for?

Disaster loan funds may not be used to upgrade or expand a business, except as required by building codes.

What can I spend my SBA disaster loan on?

Home Disaster Loans Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles. SBA disaster loans also may be used to pay insurance deductibles, if needed.

THE USE OF PROCEEDS FROM GULF COAST DISASTER - SBA - sba 2025

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