Create an account in the MySBA Loan Portal (lending.sba. Gov) to monitor your loan status or to make payments.EIDL loans may only be used for specific types of business expenses. Find out legitimate ways you can use your EIDL loan. Here are answers to some common questions from small business owners about Economic Injury Disaster Loans (EIDLs). SBA EIDL loans are not assumable, meaning they cannot be transferred to another party. Your EIDL application may be denied if your credit score is lower than 680, you have any delinquencies or bankruptcies in your past or your business is new. With the government backing SBA loans, lenders can provide business loans with less stringent credit standards and lower down payments than conventional loans. "You are responsible for your COVID-19 EIDL monthly payment obligation beginning 30 months from the disbursement date," says the SBA on its website.