Sba Loan Forgiveness For Eidl In Florida

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

Description

The document is an Assumption Agreement facilitating the process of Sba loan forgiveness for EIDL in Florida. This form allows a new party, referred to as the Assumptor, to assume the existing indebtedness of a borrower to the Small Business Administration (SBA), ensuring that the obligations under the original loan remain intact. Key features of the form include the conditions for assumption, requirement for SBA consent, and the stipulation that the original borrower remains liable for the debt even after the assumption. Users must fill in specific details such as loan amounts, dates, and the parties involved in the transaction. Legal professionals, including attorneys and paralegals, will find this document useful for structuring loan modifications and ensuring compliance with SBA requirements. It also serves business owners who need to transfer their loan obligations in situations like the sale of property. Overall, it provides clear instructions for parties involved while highlighting potential liabilities and obligations that persist despite the assumption.