Key Takeaways: SBA EIDL loans are not assumable, meaning they cannot be transferred to another party. Yes, you can sell a business with an SBA loan, but not without taking certain important measures.A business may qualify for both an EIDL and a physical disaster loan. The answer is that it depends so basically the way this works is the new buyer is going to need to be approved basically for that for that idle loan. Every Michigan small business is encouraged to apply to get the resources they need. Application: The borrower submits an application (SBA Form 2526 for change of ownership, SBA Form 2525 for assumption) to the Center.