- Mar 29, 2020
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How can they really prove what you spent the money on isn’t valid in regards to business and whether you spent that money in the first place instead of your own batch of money?
Receipts bro. It's all in the loan agreement.
If you accept the loan you agree to keep records and invoices on use of loan proceeds and you agree to produce those records for SBA on demand for something like 3 years after final disbursement date.
On top of all that, you agree to bend over for any feds, state or municipal agencies if they ask for documentation.