Eidl Loan Forgiveness For Sole Proprietor In Phoenix
Category:
State:
Multi-State
City:
Phoenix
Control #:
US-00193
Format:
Word;
Rich Text
Instant download
Description
The document is an Assumption Agreement related to the EIDL loan forgiveness specifically targeting sole proprietors situated in Phoenix. It outlines the conditions under which a borrower, referred to as 'Borrower', and an assumptor, 'Assumptor', can assume the obligations of an existing loan through the Small Business Administration (SBA). Key features of the agreement include the assumptions of payment obligations by the Assumptor, the requirement for SBA's consent, and the continued liability of the Borrower. It includes spaces for principal amounts, dates, and necessary signatures, ensuring clarity in the transaction process. Attorneys, partners, owners, associates, paralegals, and legal assistants would find this form useful as it facilitates the transfer of loan obligations, thereby ensuring compliance with SBA regulations for those eligible for loan forgiveness. When filling the form, users should provide accurate financial information and ensure all parties involved sign and notarize the document properly. This Assumption Agreement serves as a crucial tool for managing loans, allowing sole proprietors to navigate financial responsibilities effectively.
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FAQ
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans. There are a variety of challenges involved with widespread forgiveness.
COVID-19 EIDL is not forgivable.
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
There is no provision for forgiveness on these loans, nor should anyone expect that there will be. The EIDL is a decades-old program, and if they forgive loans for this particular disaster, then borrowers for every other EIDL program are going to expect forgiveness on their loans as well. It's not happening.
