Eidl Loan Rules In Michigan

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

Description

The Assumption Agreement is a legal document that facilitates the transfer of liability from a borrower to a new party, known as the Assumptor, for a loan guaranteed by the Small Business Administration (SBA). In Michigan, EIDL loan rules dictate the conditions under which such assumptions can occur, emphasizing the need for SBA's consent. Key features of the form include the acknowledgment of existing debts, the responsibilities assumed by the new party, and the stipulation that the original borrower remains liable under the original loan agreement. Filling out the form involves clearly detailing the original loan information, names of involved parties, and any modifications agreed upon with the SBA. Editors must ensure that all sections are accurately completed to prevent legal complications. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who work with clients navigating EIDL loans, as it provides a structured way to manage loan assumptions while ensuring compliance with SBA regulations. Proper use of this form can protect the interests of all parties involved in the assumption process.