Eidl Loan Forgiveness For Sole Proprietor In Bexar

• Category: Small Business - Loans and Lending
• State: Multi-State
• County: Bexar
• Control #: US-00193
• Format: Word; Rich Text

Description

The document titled Assumption Agreement is essential for sole proprietors in Bexar seeking EIDL loan forgiveness. This form allows the borrower, referred to as "Borrower," to transfer their loan obligations to a new party, known as "Assumptor," who assumes responsibility for the debts associated with the Economic Injury Disaster Loan (EIDL). Key features include provisions for the Assumptor to agree to the same terms and obligations as the original borrower. Clear instructions guide users on how to fill out the necessary fields, ensuring that all parties consent to the terms outlined. Specific use cases include situations where a sole proprietor sells their business or property but wants to ensure that loan obligations are honored without releasing the original borrower from their commitments. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in business transactions or loan modifications. A professional approach to completing this form is crucial as it ensures compliance with SBA requirements and protects the interests of all parties involved.