Eidl Loan Forgiveness For Self Employed In Montgomery

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

Description

The document is an Assumption Agreement, which facilitates the transfer of an existing loan obligation from the original Borrower to a new party, referred to as the Assumptor, under the auspices of the Small Business Administration (SBA). This form is particularly relevant for individuals seeking EIDL loan forgiveness for self-employed persons in Montgomery, as it enables seamless transition in the assumption of obligations related to SBA loans. Key features include stipulations on the Assumptor’s responsibility for payments and a clause confirming that the Borrower remains liable for the debt until it is formally discharged. The form must be filled out accurately, detailing original loan amounts, dates, and both parties' consent; notarization is also required. It serves several use cases for the targeted audience, including legal professionals such as attorneys and paralegals who assist clients in navigating loan modifications, business partners or owners discussing property transactions, and associates or assistants involved in preparing documents for self-employed clients. Overall, this form provides a structured approach for those looking to fulfill EIDL obligations while ensuring compliance with SBA regulations.