Eidl Loan Forgiveness For Sole Proprietor In Palm Beach

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

Description

The document is an Assumption Agreement related to the EIDL loan forgiveness for sole proprietors in Palm Beach. It outlines the responsibilities and liabilities of the Borrower and Assumptor regarding the Small Business Administration (SBA) loan. Key features include the transfer of obligation from the original Borrower to the Assumptor, consent from the SBA for this transfer, and the stipulation that the Borrower remains liable even after the assumption. Filling instructions specify that all placeholders (e.g., names, amounts, dates) must be accurately completed before submission. This document is utilized primarily by legal professionals, including attorneys, partners, and associates, who facilitate business transactions involving loan assumptions. For paralegals and legal assistants, understanding this agreement is crucial for supporting clients seeking loan forgiveness under the EIDL program. The form serves to clarify the obligations of all parties involved, ensuring compliance with SBA requirements.