This form is an assumption agreement for a Small Business Administration (SBA) loan. Party assuming the loan agrees to continue payments thereon. SBA agrees to the assumption of the loan and release of original debtor. Adapt to fit your circumstances.
Eidl Loan Forgiveness For Self Employed In California
Category:
State:
Multi-State
Control #:
US-00193
Format:
Word;
Rich Text
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FAQ
Note that funds received from EIDL aren't taxable income, and aren't subject to this 25% reduction test.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides for Economic Impact Payments to American households of up to $1,200 per adult for individuals whose income was less than $99,000 (or $198,000 for joint filers) and $500 per child under 17 years old.
California COVID-19 Rent Relief program is closed.
Payments will end December 2021. California is offering tax relief, filing extensions, and tax preparation assistance.
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.