Eidl Loan Assumption With All Business Assets In Collin
Category:
State:
Multi-State
County:
Collin
Control #:
US-00193
Format:
Word;
Rich Text
Instant download
Description
The Assumption Agreement is a legally binding document that facilitates the assumption of an EIDL loan by new borrowers for all business assets located in Collin. This form allows the new borrower, or 'Assumptor,' to assume the outstanding payments and obligations of the original borrower, while retaining the original terms of the loan as sanctioned by the Small Business Administration (SBA). Key features include clauses outlining the borrower's consent to modifications, stipulations regarding the unconditional liability of the original borrower, and the authority of the SBA to declare the loan due if the property is transferred without permission. Filling instructions highlight the need for accurate details such as the principal amount and dates involved, which must be filled in carefully to ensure clarity and legality. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants dealing with business transactions or debt arrangements, providing clear guidance on liability assumptions and ensuring compliance with SBA regulations.
Free preview
Form popularity
FAQ
For EIDL loans less than $200,000, dissolve your business. EIDLs for less than $200,000 are generally not personally guaranteed, which means the business owner is not personally liable for the debt as long as the business is structured as an LLC or corporation.
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
