Eidl Loan Rules In Hillsborough
Category:
State:
Multi-State
County:
Hillsborough
Control #:
US-00193
Format:
Word;
Rich Text
Instant download
Description
The Assumption Agreement form is crucial for borrowers looking to transfer their Small Business Administration (SBA) loan responsibilities to a new party, known as the Assumptor, especially under the EIDL loan rules in Hillsborough. This form establishes that the Assumptor assumes the payments and obligations related to the original loan, ensuring SBA's consent to this transfer. Users must fill in specific information such as the borrower's and Assumptor's names, loan details, and property information. It's essential to include notary information to validate the agreement. The form highlights that even after the transfer, the original borrower remains responsible for the loan obligations. This document is particularly useful for attorneys, partners, and business owners involved in real estate transactions or loans. Legal assistants and paralegals will benefit from clear instructions on filling out the agreement accurately to avoid future disputes. Overall, this form serves as a legal safeguard for all parties involved in the loan assumption process.
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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.
You may report fraud, waste, mismanagement, or misconduct involving SBA programs or employees either online or by calling the Office of the Inspector General (OIG) at 800-767-0385.
As of January 1, 2022, SBA stopped accepting applications for new COVID-19 EIDL loans or advances.
