Eidl Loan Forgiveness For Self Employed In Phoenix

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

Description

The document is an Assumption Agreement related to EIDL loan forgiveness for self employed individuals in Phoenix. This agreement formalizes the assumption of debt by a new party (Assumptor) for an existing loan from the Small Business Administration (SBA), originally taken by the Borrower. A key feature of this agreement is that the Assumptor assumes all liability associated with the loan, ensuring that the Borrower remains jointly responsible. Filling out this form requires accurate identification of all parties involved and detailed information about the original loan. Users must ensure completion of all sections without omitting signatures from both Borrower and Assumptor before notarization. The form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who assist clients or businesses in managing loan obligations or real estate transactions. It helps clarify the responsibilities and rights of all parties, ensuring compliance with SBA requirements. Additionally, the agreement is beneficial when transferring ownership of a mortgaged property while maintaining the existing loan terms.