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. The financing of residential mortgages, and secured or unsecured consumer loans, is regulated under the Consumer Loan Act, chapters 31.04 RCW and 208-620 WAC. Has anyone had any luck with an assumption or transfer of an EIDL? I'm wanting to sell my business and have the buyer assume the loan. Does the seller also have a PPP Loan or an EIDL loan? Is the seller assigning the PPP or EIDL loan to buyer and the buyer is assuming the loan? You will learn how to fill out the form accurately to avoid common pitfalls and ensure a legally binding agreement. Assumption of Loan Requirement Letter for disaster loan servicing action request packages.