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 Miami-Dade
Category:
State:
Multi-State
County:
Miami-Dade
Control #:
US-00193
Format:
Word;
Rich Text
Instant download
Description
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FAQ
COVID-19 EIDL is not forgivable.
The Florida Disaster Fund distributes funds to service organizations that will serve individuals within their communities with disaster response and recovery. If you have additional questions about the Florida Disaster Fund, please call (850) 414-7400 or email info@volunteerflorida.
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
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
Eligible borrowers will have no more than 25 employees. The SBA has two new programs that are offering loans that maybe forgivable, meaning you may not have to pay it back.Existing borrowers may be eligible for PPP loan forgiveness. The SBA may forgive certain business loans for self-employed individuals, including PPP loans, but there are many factors at play. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Sole proprietors, independent contractors and eligible selfemployed individuals may also participate in the program, as can nonprofits. 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. If you are located in a declared disaster area, you may be eligible for financial assistance from the U.S. Small Business Administration (SBA). However, this restructured EIDL SBA emergency loan is different than others in the past.