Eidl Loan Rules In Arizona
Category:
State:
Multi-State
Control #:
US-00193
Format:
Word;
Rich Text
Instant download
Description
The Assumption Agreement form facilitates the transition of loan liability under the EIDL loan rules in Arizona by allowing a new borrower (the Assumptor) to assume the obligations of the original borrower (the Borrower) under a loan from the Small Business Administration (SBA). This document specifies that the Assumptor takes on the responsibilities for the payments and other obligations outlined in the original Promissory Note and security instruments. It requires both parties to seek SBA's consent to finalize the assumption and emphasizes that the original borrower remains liable despite the assumption. The form includes sections for key details such as borrower's information, loan amounts, and notary verification. Legal professionals—such as attorneys, partners, and paralegals—will find this form critical when managing clients considering loan assumption. Proper completion ensures compliance with SBA regulations, and highlights the importance of clear communication between involved parties. This document is vital in transactions involving the sale of property or business assets subject to SBA loans, safeguarding clients' interests.
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FAQ
There is no provision for forgiveness on these loans, nor should anyone expect that there will be. The EIDL is a decades-old program, and if they forgive loans for this particular disaster, then borrowers for every other EIDL program are going to expect forgiveness on their loans as well. It's not happening.
Businesses must meet the following criteria to qualify for economic injury: The business was directly impacted by the disaster. The business cannot cover expenses due to the disaster and/or debt payments. The business was physically located in the declared disaster area.
