Sba Loan Forgiveness For Eidl In Michigan

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

Description

The document outlines the Assumption Agreement related to SBA loan forgiveness for EIDL in Michigan. It establishes the relationship between the Borrower, who has an existing obligation to the Small Business Administration (SBA), and the Assumptor, who agrees to assume these obligations. Key features of the form include the necessary consent from SBA, the requirement for the Assumptor to fulfill the original loan terms, and the continuation of liability for the Borrower despite the transfer of obligation. It specifies circumstances under which the SBA can call the loan due if the Assumptor alters property interests without consent. Filling out the form requires attention to detail, especially regarding dates and amounts, and must be notarized. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who are involved in securing or transferring business financing. It helps them understand obligations connected to loan transfers and ensures compliance with SBA requirements, thereby facilitating smoother financial operations for businesses in Michigan.