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 Illinois
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State:
Multi-State
Control #:
US-00193
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Word;
Rich Text
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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.
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
COVID-19 EIDL is not forgivable.
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.
More info
All borrowers, regardless of loan size, can use SBA's direct forgiveness portal. Applying for forgiveness using the portal can take as little as 15 minutes.As of January 1, 2022, SBA stopped accepting applications for new COVID-19 EIDL loans or advances. Refinance an EIDL into the Paycheck Protection loan for loan forgiveness purposes. Who qualifies for an Economic Injury Disaster Loan? Identify the borrower. How do I get started? Use the Net Profit amount reported on line 31 of Form 1040 Schedule C filed in 2019. Lenders began processing the loans for small businesses on April 3, 2020. The SBA EIDL does not carry a loan forgiveness provision.