Another option to sell a business with an SBA loan is for the buyer to assume the loan. SBA loans are fully assumable with SBA approval.SBA EIDL loans are not assumable, meaning they cannot be transferred to another party. I have received about 1.2 million dollars in EIDL loans, and I was wondering what happens if I sell the business? Create an account in the MySBA Loan Portal (lending.sba. Gov) to monitor your loan status or to make payments. All lenders and CDCs should be cognizant of the loan program requirements for the assumption, assignment, and sale of SBA loans. So, sellers must pay off previous EIDL loans be paid off prior to or at closing. (5) Assumption of existing loan: Insert the approximate principal amount of Seller's existing loan on the Property as of. 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.