This form is an assumption agreement for a Small Business Administration (SBA) loan. Party assuming the loan agrees to continue payments thereon. SBA agrees to the assumption of the loan and release of original debtor. Adapt to fit your circumstances.
Eidl Loan Forgiveness For Self Employed In Queens
Category:
State:
Multi-State
County:
Queens
Control #:
US-00193
Format:
Word;
Rich Text
Instant download
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FAQ
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.
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
COVID-19 EIDL is not forgivable.
More info
All borrowers, regardless of loan size, can use SBA's direct forgiveness portal. Applying for forgiveness using the portal can take as little as 15 minutes.We provide documents in different languages to help you understand eligibility requirements, fill out applications, and answer frequently asked questions. If you are selfemployed and have no employees, the SBA provides the following instructions in the March 3, 2021 for new PPP loan borrowers. At the current time - PPP Loans are no longer available. The SBA may forgive certain business loans for self-employed individuals, including PPP loans, but there are many factors at play. Bankruptcy may be the best option for a borrower with personally guaranteed SBA loan debt. Applications are now open and can be started through the SBA's Disaster Loan Assistance portal. If you are referring to your personal mortgage and utilities because your business is based out of your home, you cannot use the EIDL for those.