Sba Loan Forgiveness For Eidl In King

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

Description

The document outlines an Assumption Agreement involving the Small Business Administration (SBA) and a borrower who has taken out a loan under the Small Business Act. This agreement allows a third party, referred to as the Assumptor, to assume the loan obligations from the Borrower. Key features include clauses that stipulate the Assumptor agrees to fulfill the original loan conditions, and that the Borrower remains liable despite the assumption. Users must complete this form by filling in specific information such as names, loan amounts, and dates. It is critical for users to ensure all necessary consents are obtained, particularly from the SBA. This form is particularly useful for attorneys, partners, and legal assistants involved in business transactions, as it facilitates the transfer of financial obligations while safeguarding the interests of all parties. Completing this form correctly ensures compliance with legal requirements surrounding debt assumption and is pertinent for any modifications that may arise in the future.