Create an account in the MySBA Loan Portal (lending.sba. Gov) to monitor your loan status or to make payments.Assumption of Loan Requirement Letter for disaster loan servicing action request packages. About this document and download. SBA loans, including the SBA 7(a) loan, are fully assumable with SBA approval. All lenders and CDCs should be cognizant of the loan program requirements for the assumption, assignment, and sale of SBA loans. EIDL loans may only be used for specific types of business expenses. Find out legitimate ways you can use your EIDL loan. Key Takeaways: SBA EIDL loans are not assumable, meaning they cannot be transferred to another party. In almost all cases, the SBA loan you have is secured with the assets of your business.